A home security system can offer you peace of mind and may even help prevent break-ins and vandalism. Additionally, investing in a home security system can help you save money on your home insurance. Before you buy a security system, review just how much you can save and what system makes sense for you.
Since home security systems may help prevent vandalism and break-ins and can even ensure that the fire department is quickly alerted to fires, these systems can help protect your home. Homeowners insurance providers often offer homeowners a discount on their insurance when they install a home security system.
But how much do you save on home insurance with a security system? That amount can vary depending on your insurance provider and your security system. Discounts of about 5% off your premiums are common, though it’s possible to save up to about 10% off of your insurance. That means that if your annual premiums are $1,000, you could save $100 per year.
Most insurance companies will give you a discount for monitored security systems, meaning the alarm triggers in a 24/7 call center which can call the police or fire department if they can’t reach you. Systems that incorporate additional safety devices like interior and exterior cameras, deadbolts, sprinkler systems, water sensors, and smoke and carbon monoxide detectors may be eligible for larger discounts.
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Does a security system lower home insurance? It can, but the system needs to meet your insurer’s requirements. If you’re thinking of purchasing a system, contact your insurance company in advance and verify that the system you’re considering will be eligible for a discount. Be sure to ask about any specific components that will be required, like smoke and carbon monoxide detectors, as well as the size of the discount that you’ll receive.
Once you’ve bought and installed the system, contact your insurance company again to update your home’s records so that you can receive the home security system discount. If you add on more components to the system in the future, be sure to contact your insurer to update that information, since you might qualify for additional discounts.
In addition to buying a security system, you can save money on your home insurance by qualifying for other common discounts, like signing up for paperless billing or bundling your home and auto insurance policies. You can choose a higher deductible, which means your monthly premiums will be reduced but you’ll need to pay more upfront if you ever have to file a claim.
One of the best ways to save on your home insurance is to periodically review your policy and shop around. By comparing multiple policies, you can make sure you’re getting the best price on your coverage. You can get free home insurance quotes online today to start comparing your options.
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Paige Cerulli Paige Cerulli is a freelance content writer and journalist who specializes in personal finance topics. She graduated from Westfield State University and brings more than a decade of professional writing experience to the ConsumerCoverage team. Paige’s work has appeared in outlets including USA Today, Business Insider, and more.
