Installing a home security system is a fantastic strategy for protecting your family and property. But did you know that home security could also save you money on your homeowner’s insurance? Most major carriers offer discounts for homes equipped with certain types of security and hazard detection systems.
Insurance carriers are big fans of home security because things like smoke detectors, video cameras, and flood sensors reduce the risk of costly property loss in the event of an emergency. They save money by not having to pay out as much in claims. They are happy to pass some of that savings along to their customers.
If you are a home security beginner, you might want to check with your insurance company about any potential discounts you are eligible for. In the meantime, let us break it all down.
Your Savings Will Vary
The first thing to know is that it is impossible for me to give a hard-and-fast number in a post of this nature. Savings vary based on the insurance carrier and the devices in the home. As a general rule, insurance companies qualify home security systems under three categories:
- Local and Unmonitored – A local and unmonitored system is essentially a noise-making alarm. A house might be equipped with deadbolts, basic entry sensors, and a smoke alarm and CO detector. In an emergency, an audible alarm sounds.
- Self-Monitored – A self-monitored system contains all the devices you would expect in modern home security. When an alert is triggered, the system sends a push notification, an email, or both.
- Professionally Monitored – A professionally monitored system is connected to a remote monitoring center operated by a recognized home security provider. All emergencies trigger alerts at the center, where trained personnel respond immediately.
Within each of these categories, a homeowner can have all sorts of devices hooked up to a system. Entry sensors and video cameras are typical entry detection devices. Hazard detection devices include smoke, CO, and flood sensors.
Key Features Insurance Carriers Look For
From the insurance company’s standpoint, home security devices and professional monitoring should reduce risk. The reduction comes by way of faster emergency response times. With that in mind, insurance carriers look for some key features eligible for discounts.
1. Monitored Intrusion Protection
Monitored intrusion protection accounts for burglary and home invasion. With a company like Vivint and its HomeProtect package, you get around-the-clock coverage. If anyone breaks in through a window or door, the system sends an alert to Vivint’s remote monitoring center.
2. Monitored Smoke and CO Detection
Monitored smoke and CO detection protects families against injury or death in the event of a fire or a carbon monoxide leak. This particular category is especially important because time is of the essence during such incidents.
3. Water Leak and Freeze Detection
Frozen pipes and water leaks cause extensive damage that costs insurance companies plenty. They are thrilled when their customers install monitored flood and freeze sensors.
4. Physical Security Barriers
In addition to electronic security devices, insurance carriers expect homeowners to deploy physical security barriers. Examples include deadbolt locks and window sash locks. Physical barriers slow down burglars, giving them reason to move on to another house.
Claiming Your Insurance Discount
Claiming an insurance discount for home security isn’t necessarily hard. Just know that your carrier is going to require some documentation. Give your carrier or agent a call, ask if they offer discounts, and then find out exactly what they need in order to claim yours. You might be surprised by how much a home security system can save you on your annual premiums.