Are you looking for ways to save on your home insurance? The key to getting the best deal on home insurance is to protect your home. A persistent belief exists that you can also reduce your home insurance premiums by installing home security features, but does that belief hold any truth? We all agree that protecting our home against opportunistic burglars is important. To quote the old adage, it’s better to be safe than sorry. In truth, that phrase bears a lot of relevance in regard to home security.
Home security systems can help to lower home insurance quotes. They can also give peace of mind — and there are many choices using new tech. Protecting your home against theft and damage should be at the forefront of your mind and keeping your house safe can also lower the cost of your home insurance.
Does Home Security Lower Home Insurance?
As a provider, your insurance company wants to assume the least amount of risk possible. The higher the risk of your home, the more likely a claim will be made, the more likely the insurance company has to pay out. We should note that not all security measures lead to lower premiums. For example, a local alarm that notifies occupants or neighbours that a break-in is underway has limited value in the eyes of an insurance company. In general, a carefully planned and well-integrated security system is what a home insurer would like to see.
How Much Can I Save on Home Insurance with a Security System?
The exact discount that you will receive on your home insurance premium varies depending on several factors. However, you can save as much as 25 percent off your home insurance premium by installing a home security system. The extent of your discount depends on a few factors, such as your insurance provider, the location of your home and grade of your security features. The more sophisticated the system, the more problems it may prevent. Smart home systems can monitor for carbon monoxide, smoke, pipe leaks, and many other potential problems besides a break-in.
Here are five ways to reduce insurance costs with a security system:
1. Boost home safety
2. Save up to 20 percent on insurance premiums
3. Lower risk of cost hikes
4. Reduce theft claim quota
5. Install system with other safety features
The specifics of what your home insurer is willing to reward you for will vary from one provider to the next – as well as by location. However, it’s safe to say that any of the following extra measures will qualify your property for a discount in the eyes of at least some insurers:
- Stronger deadbolt locks
- Fire detectors that are wired into central alarm security systems in Perth
- Professionally monitored burglar alarm systems