Can a Home Security System Save You Money on Homeowners Insurance?

Can a Home Security System Save You Money on Homeowners Insurance?The short answer is yes; adding a smart home security system to your home not only provides you and your family the peace of mind that your home is safe and secure at all times, it also can help you save money on your homeowner’s insurance bill. A smart home security system helps to better protect your home against breaks-ins, fires, water and carbon monoxide leaks and more while lowering your homeowner’s insurance rate.

There are also other smart home upgrades we’ll cover that can increase savings on your homeowner’s insurance. However, it is important to know that plan discounts are dependent on where you live, the insurance policy company and a number of other factors.

Smart Security Features and Savings

Upgrading your home security to include smart locks, burglar alarms, deadbolts and a third-party monitoring system can save you between 2-10% on your insurance premiums. The more professional security features present, the more of a discount you may be eligible to receive. For example, a monitored security alarm system may offer more discounts than just simply adding deadbolts to your doors.

According to a recent report by the Greenwich Study of Residential Security, homes without a security system are 2.7 to 3.5 times more likely to be burglarized. Protecting your home against a burglary can also lead to savings down the road. Insurance companies have been known to hike up premiums in the event that a home is burglarized so avoiding this from happening is key. In addition, some home insurance policies may require you to install a security system if your home has been burglarized in the past or if you live in an area where burglaries are prevalent.

This is why it’s important to think of a professional security system as an investment in your home. Many homeowners are surprised to learn that adding a smart home security system may be less of an expense when you calculate all the potential savings involved. Not only will it increase your property value when it comes to sell, it will also save you on monthly insurance costs.

Continue reading to learn more about the smart features that may qualify you to save.

Window and Door Sensors

It’s a fact, most burglars enter your home via front or back door or a first-floor window. Fortunately, smart home security technology, such as sensor alarms, will alert you and the authorities whenever an armed window or door is entered. Window and door sensors are professionally installed so the desired number of windows and doors are included. With protective security measures such as this, you may qualify for discounted premiums.

Third-Party Monitoring System

A third-party monitoring system is a popular feature when it comes to security and surveillance systems. Consider this system your eyes and ears when you’re away from home. With a 24/7 monitoring system, if a security issue is discovered, authorities are automatically alerted. In addition to safety, having a third-party monitoring system may also qualify you to cut insurance costs.

Think about it: having a monitored security system is a major deterrent for burglary. In fact, a study found that 60% of burglars would seek an alternative target if there was an alarm on-site. For insurance companies, this means that you’ll be less likely to file an insurance claim for stolen property. Note, a less advanced system with monitoring that notifies you but does not notify the police or fire departments may still earn a discount, but it will likely be less than a system with third-party monitoring capability.

Fire Alarm and Sensors

In the event there is a fire, sensors will alert you that there is a danger of fire present and automatically shut down the heating or air conditioning to contain the smoke, while flashing lights make it easy for emergency services to locate your home. Having a fire alarm system with third-party monitoring, meaning that the authorities can alert you if there is a fire, typically earn the biggest premium discounts.

Ready to make a home security upgrade? At Lifetronic Systems, we create a custom plan that is right for you and your family. After understanding your home security goals during your free consultation, we create a custom home plan and budget specifically designed for your needs.

If you’re ready to learn more about professional security and surveillance systems, contact us here.