Home Security and Homeowners
Insurance
As if there were
not enough reasons to install a home
security system, you can also take the plunge simply for the
financial benefits. Since many insurance companies offer discounted
premiums for homeowners to have a monitored home security system
in place, you could actually come close to breaking even on the
deal, depending on where you live, how much your homeowners insurance
premiums cost, and whether or not your insurance company offers
these discounts.
How Much Can
I Save?
The discounts
that are typically offered vary between 5% and 20%. The discount
is usually closer to 5% if you simply install some deadbolt locks
and a basic alarm system that is not monitored.
For those who
go all out and have a monitored
home security system installed, the discount is normally closer
to 20%. You would need to talk to your insurance agent in order
to confirm what your discount would be. If your insurance company
does not currently offer discounts, you may want to find one that
does.
Do the Math
Sometimes home
security monitoring companies offer the actual security systems
that they install for free. So you would only have to pay for the
monthly monitoring fee. This fee is generally in the neighborhood
of around $30 per month. Now, let's assume that your annual homeowners
insurance policy costs $1,200. That's $100 per month. A 20% discount
would bring that down to only $80 per month.
So, in essence,
your home security monitoring fee would really only cost you about
$10 per month (Take the $20 per month savings from your homeowners
policy and apply it to your monthly home security monitoring fee).
That's a fairly cheap way to give yourself the piece of mind that
comes with a monitored home security system!
Do your Homework
Do some shopping
around and see how much a security system will cost. Do some price
comparisons and also check to see how much it would cost to install
a home security system yourself (unmonitored).
Check prices
for deadbolt locks and other security devices. Call your insurance
agent and have him give you a quote for a discount, or, just have
him tell you the companies policy in regards to discounts for home
security systems. Doing all of this may take a bit of your time
but you will be rewarded in the end.
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