Home insurance may seem like an afterthought for many home buyers. After going through the difficult mortgage process, insurance may get pushed to the back burner. New home buyers need to do everything in their power to save money on insurance, though. A good security system can provide much more than just home protection. If you choose the right system, you can save money each month on insurance premiums. Just what does the right system look like?
Door and window indicators are important
Certain features set security systems apart. While you might spend a little more money on door and window protection, this will help lower your insurance costs. The majority of home invasions occur when a person breaks through a window. A good security system will be immediately triggered when a window is broken, and this will lower the risk of personal property loss.
Monitoring service matters
When you buy a security system, you get to choose to whether or not to have automatic monitoring. Without it, a security system is little more than a sound alarm. While this might be able to scare away some would-be criminals, it does not provide the comprehensive protection that monitoring provides. With a monitored system, the police will be at your home within a few minutes. This gives them a much better chance of apprehending the assailants in the act, and you will get your property back if this happens. Insurance companies recognize that this means fewer claims on your policy, and that lowers your risk.
The deterrent value of security cameras
Very few people add on outside security cameras with their basic system. The costs of video monitoring are extensive, and the system requires much more space. Likewise, many people find security cameras to be overly intrusive and unsightly. There is a certain deterrent value to video cameras, though, and statistics suggest that homes are much less likely to be robbed when owners choose a visible camera setup. Insurance companies recognize this statistic, and they will adjust your rates accordingly. Though adding cameras might represent a significant initial cost, owners can recoup those costs over the course of many years.
Choosing a system to match your neighborhood
Because home insurance is a function of total risk, a number of different factors come into play. People who own homes or apartments in dangerous neighborhoods will notice that a larger portion of their risk profile is a consequence of crime possibilities. People in those neighborhoods can experience greater savings from taking on a higher-end security system. While people in safe neighborhoods can still lower their rates by choosing a good system, these individuals will need much less security to secure the same level of savings.
Different insurance companies place different value on various security features. As a general rule, more features will bring about more savings. Insurance companies recognize that some of the most common policy claims occur when people are robbed. When homeowners choose a security system that features door and window protection, outside monitoring, and visible cameras, they are both less likely to get robbed and more likely to catch the criminal before he is able to make off with valuable property. If you are interested in saving on your monthly home insurance premiums, then upgrading your home security may be a wise choice.