Home insurance is an important part of homeownership. If your house is damaged by a major storm or a leaky pipe, your insurance provider will cover part of the repair costs, potentially saving you thousands.
Your homeowners insurance policy also covers burglaries. Your provider will cover the cost of replacing and/or repairing stolen items. It will also help pay to repair any damage the thief did to your home.
Unsurprisingly, insurance companies would rather avoid these costs. Since a home security system can prevent burglaries or limit the amount of damage, many providers reward customers who use them. You may also be able to get discounts for additional measures that protect your home.
Yes, customers with strong home security can often get discounts from their insurance companies. These homes have a lower risk of being robbed, so providers are more willing to decrease premium costs. Depending on the company and situation, you may be able to enjoy discounts of up to 10-20%.
That said, not every homeowners insurance company offers home security savings. Reach out to your provider to see what kind of discounts they provide.
Even if you can’t get a discount on your monthly payments, you can still save on insurance costs with a home security system. When your home is burglarized, for example, it shows your insurance company that you have an increased risk of being targeted. Theft claims can increase rates by about 20% on average, driving up your costs with every robbery.
A home security system can prevent these thefts, keeping your risk and premiums low. You can minimize your costs and protect your belongings at the same time.
How to use home security to save on home insurance
1. Install a home security system
A home security system is the best way to detect and prevent break-ins. And home insurance companies know it. If you can demonstrate that your home is protected by security devices, you are more likely to get a discount.
Some insurance providers may accept simple alarms with window/door sensors and control panels. These devices will let you know when someone tries to break into your home, preventing or minimizing damage.
A more robust system may provide greater savings. If you have security cameras, for instance, you will get an early warning for potential intruders. More importantly, you’ll have footage of the thief and their actions.
Most importantly, choose a home security system that includes professional monitoring. Some providers might even require this service. It ensures that someone is always ready to respond to any break-ins. By minimizing the amount of time it will take the police to arrive, you also limit the damage the burglar can do.
2. Use smart safety alarms
Every home is required to have smoke and carbon monoxide detectors. These devices enable your family to escape fires and CO leaks, but they also ensure a quick response from the fire department. Minimizing damage means lowering costs, so insurance providers only cover homes equipped with these options.
In addition, some companies may reward customers for using monitored safety alarms.
Smart smoke and CO alarms are connected to your home security system. When triggered, they alert you and your monitoring team to the danger. In just moments, the monitoring center can dispatch first responders.
Even if you’re away, these devices guarantee that someone will react to the emergency. Since smart safety alarms also send alerts when they need new batteries or aren’t working properly, your insurance provider knows they’ll always detect dangers. You can make your home safer and potentially enjoy greater savings in the process.
3. Add smart home features
Smart detectors aren’t the only devices that can help you save on home insurance costs. Many insurance providers now give discounts for additional smart home capabilities.
When your home is connected to the internet through your devices, you are more aware of what happens while you’re gone. You can act quickly to report threats or resolve safety issues from anywhere. This lowers your risks, making your home more attractive to insurance providers.
Some of the ways a smart home can increase your security include:
- Getting an alert when you leave the front door unlocked, allowing you to secure the door
- Using security cameras to see who’s at the front door or lurking around the house
- Automating your smart lighting schedule to make your house look occupied
- Checking on your home and devices through your phone, from anywhere and at any time
A few insurance companies offer rebates for smart home systems as well. Ask about these options to see how much you can save.
4. Prevent water damage
A water leak isn’t life-threatening, but it can still create thousands of dollars in damage.
Say, for example, one of your toilets started leaking just before you left on vacation. If you’re unaware of the issue, water will continue to leak and spread until you return home. You may have to replace floors, walls, furniture, and, if the leak was upstairs, ceilings.
Thankfully, many home security systems include smart water detectors. These small devices instantly detect water where it shouldn’t be. You can place them under sinks, near water-using appliances, under toilets, near pipes, in the basement, and in any other area that is prone to flooding.
If one of the sensors detects water, it will notify your security system. You and your monitoring center will get an alert about the problem. You can then act quickly, turning off the water until you’ve resolved the issue. Or, if you’re away, you can send someone to your house to prevent further problems.
Homeowners insurance companies recognize the amount of money flood sensors can save. You may be able to use these devices to get discounts on your monthly premiums. Plus, even if you can’t, you’ll still avoid the higher premiums and hassle that occur after flood damage.
Learn more about saving money with a home security system on our blog.
