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Save Money on Homeowner’s Insurance with a Home Security System
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Editor
|January 30, 2014Owning a home security system has many benefits, the most obvious of which include: protection of your home and belongings, security for your family, and peace of mind.
However, there is a benefit that many people may overlook or just not know about: discounts on homeowner’s insurance. You read that correctly – owning a home security system can save money on something most people already have!
We all want to reduce our bills, here’s how owning a home security system can help.
Why Insurers Give Discounts
Insurance companies like seeing that you’re making a personal investment to protect your assets because they’ll be able to spend less should you ever need the insurance. As a result, they’re more likely to give you a better discount on your homeowner’s insurance.
In most cases, homeowners see a discount around 15 percent. However, some companies have been known to hand out 20 percent discounts!
Your discount will be dependent on a number of factors. Keep these in mind when you pursue a discount – we don’t see why anyone wouldn’t!
Discount Qualifications
- The security system. The sensors, home automation equipment, and type of monitoring are important. A fully equipped system with cameras and cellular monitoring is going to help you get a better discount on homeowner’s insurance.
- Fire sensors. In most cases, there are additional discounts when you have monitored fire protection. Fire emergencies are more common occurrences than burglaries, so insurers will reward the extra protection.
- Monitored vs. Unmonitored. Insurance companies will always favor a monitored alarm system to an unmonitored. With the recent influx of self-monitored systems, it’s important to make that distinction when speaking to your insurance company.
- Insurance company. No two insurance companies are the same. Each has different rates and qualification requirements to adjust your rates.
- Safety of your area. Similar to a safe drivers discount on your car insurance, a safer neighborhood will help you get a better discount on homeowner’s insurance. If you already own your home, it’s too late to factor this in, but if you’re in the market for a new home, be selective when choosing the neighborhood.