Home alarm systems have come a long way over the years. Insurance premium discounts aside, security systems provide a lot of peace of mind, with the ability to monitor a host of sophisticated conditions including intrusion, fire, gas leaks, carbon monoxide, flooding, and electrical irregularities. It’s hard for me to tell you the value of your family’s safety, but I can tell you that you can save money on your premiums with the right alarm system.
First off, we’ll dispel the rumor: Yes, you can save money on your home insurance premiums by installing an alarm system. The amount of the discount varies with the type of coverage that you have, as well as the system you choose to install. If you have a basic local system the discount would be smaller than say, a more sophisticated 2-way voice alarm.
Other surefire ways to qualify for discounts on your home insurance policy include:
- Quitting smoking! Non-smoking households pay less of a premium due to the lack of exposure to fire risk. It has the added bonus of being healthier too!
- Making your home safer. Smoke detectors and fire extinguishers are tremendous helps in a home and may offer discounts (depending on the company).
- Purchase or rent a safety deposit box – but don’t forget to read the fine print on your policy – some policies only compensate you for up to $2000 for jewelry that is stolen!
- Upgrade your exterior entrances – windows, doors with dead-bolts, and depending on your area, steel bars on basement windows can all help to get you lower premiums while securing your home.
It is never hard to ask your broker if an item gets you a discount on your quote! Shop around and see what people give you! Also, don’t forget to ask your broker if a certain alarm system gives you a discount.