When people consider installing a home security system, it’s typically out of concern for the safety and well-being of family and friends in the home and perhaps valuables, too. Beyond the obvious safety benefits, your home security system might sweeten your relationship with your insurance company, bringing you discounts and helping when claims are necessary. Here’s how to save on homeowner’s insurance.
1. Discounts for anti-theft systems
If you’ve ever had to battle your insurance company for a claim, it may be hard to imagine that you’re on the same team — but they don’t want you to suffer a home break-in any more than you do. Sure, it’s for financial reasons, but you’re still working toward the same goal.
The good news is that insurance companies know that anti-theft systems are good for their bottom line, and they’re willing to pass some of those savings on to you through security system discounts. Installing an anti-theft system can result in significant savings on your premiums. Note that your insurance company may require a monitored anti-theft system to qualify for a discount.
2. Discount for fire alert systems
In addition to theft protection, you may also be eligible for a home security system insurance discount on your monitored fire alert system. Since these systems are monitored 24/7, they are likely to reach emergency services faster than you can, especially in a disaster situation. Faster response times may mean less damage and lower cost for insurance claims.
3. Water leak sensor discounts
Today’s home security systems go well beyond fire and theft prevention and alerts. Many homeowners opt to add sensors that can protect their homes from additional types of damage, such as water leaks. Catching a water leak early can be the difference between mopping up a puddle and paying thousands of dollars for damage repair. Your insurance company may offer discounts for the installation of these types of sensors, so make sure to ask.
4. Lower incidence of claims
A well-designed and maintained home security system can alert you early and help you avoid more costly problems. Fewer problems mean fewer claims, which insurance companies love, and they will often provide additional discounts for customers who have gone a long stretch with no issues. If you’re a new customer with nothing on your record, they’ll likely offer you a discount to come on board, too.
5. Supporting your claims
Even with the best security in the world, bad things can unfortunately happen. When they do, your security system can still help you out. Security cameras may have key footage that can aid in capturing a criminal or proving the validity of a disaster, like a fire. Records of your sensor information from your monitoring company or customer portal may be able to help you determine the timeline of what occurred in your home. These details could make the difference between your insurance company approving or denying your claim.
If you’re thinking of installing a home security system, or if you already have one, check in with your insurance company to find out what discounts or other perks are available to you. Make sure you understand what is required to claim the benefits. You can’t put a price tag on your safety, but home security can help you out, even when things go awry.