Security systems are important investments for homeowners since they dramatically impact home insurance policy premiums. The more you can reduce exposure to risks, the greater your chances will be for lower insurance costs.
Here are important points to consider regarding how investing in a security system saves money in the long term.
Increase Your Home’s Security
The first reason to think about installing a security system in your home should be to protect you and your household. Burglars often stake out homes that lack security systems because they are the easiest to breach. However, homes that are clearly equipped with alarms and video cameras have proven to deter criminals from breaking and entering.
At one time people kept their doors unlocked at night, especially during summer. Although violent crime has dropped significantly since the 1990s, car theft has been on the rise. That’s why you need wireless equipment to monitor your driveway as well as your doors and windows.
Save on Home Insurance Premiums
One of the easiest ways to cut costs quickly on homeowners insurance is to provide your insurance agent with documentation of your security system purchase. If you’ve invested in a monitored alarm system, you can cut insurance costs by up to 20%, according to the Electronic Security Association (ESA).
In addition to cutting insurance costs, you can get a good quality security system for around $500 or pay a small monthly fee. Reliable systems are made by ADT, Vivint, and SimpliSafe, among others.
Lower Risk of Premium Hikes
Many people already know insurance rates increase over time. Purchasing a reputable alarm system helps offset premium hikes, which can happen for various reasons at any time. The main reason for periodic rate increases coincides with periods of high insurance claims. Another reason might relate to broader economic conditions or changes in your neighborhood, such as spikes in criminal activity.
Reduce Theft Claim Quota in Your Locality
By installing a security system in your home, you’ll be helping yourself, and your neighbors reduce the theft claim quota in your zip code. Burglars gravitate to areas that lack bright lights. Seeing a series of alarm systems and warning signs in a well-lit area might be enough to scare thieves out of the neighborhood.
Install Other Safety Devices
Not only can alarm systems lower insurance rates, but so can other safety devices such as video cameras, smoke alarms and deadbolt locks. The more ways you can create security layers that keep criminals off your property, the greater odds you’ll have at convincing your insurer to lower your rate.
Other Ways to Lower Rates
Generally, if you practice a safe lifestyle, you can minimize risks. Insurance companies set their own rates based on risks. If you decide to move to a safer neighborhood, for example, you will likely see a break. Crime rates can affect all homeowners within a zip code. You can also cut costs if you move near a fire station since you will be close to emergency assistance.
Some homeowners choose to raise their deductible as a cost-cutting strategy. That means they’ll be paying more upfront if they file a claim. Another common strategy for lowering insurance rates is to bundle several policies under one company.
The most effective strategy to cut costs is to make an appointment with your insurance agent and discuss your needs thoroughly. Since every homeowner is different, it’s difficult to speculate how much savings you may realize until you review your policy with the agency.
Investing in a home security system and other security features can go a long way in shutting out burglars and reducing insurance costs. Contact us here at The Reardon Agency to learn more about how we can provide you with the most appropriate insurance coverage for your needs.
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