According to the Crime in the United States report prepared by the FBI, 2018 saw more than 7 million property crime offenses across the nation. That same report indicates that those crimes resulted in losses of roughly $16 billion. While these numbers are declining from previous years, they are still a consideration when establishing a secure perimeter around your life.
Home security systems include a number of options. Simple components such as smoke detectors and deadbolt locks are the most basic aspect of home security. More complex systems can consist of several innovative features, including video cameras, door and window sensors, and burglar alarms. A dedicated monitoring team and direct connections to local police, fire and emergency services round out the most inclusive home security systems.
As with updates to the structure and fixtures of the home itself, many homeowners insurance companies view security improvements as a benefit that is worthy of reward. To that end, it's common to find that these types of additions result in savings when it comes time to insure a property.
The term "security system" encompasses a large grouping of products and services. Whether these systems result in a discount upon insuring a home depends largely on the specific insurance provider and the type of security system employed. Many companies offer some form of savings for utilizing home security.
The size of the discount provided for having a security system varies. Most companies may offer homeowners discounts of up to 5% for simple security components, such as dead bolt locks, burglar alarms and smoke detectors. Installing more extensive home security features may garner larger discounts, with some insurers offering as much as 10% off or higher.
Monitored security includes all forms of surveillance, including cameras. This is true whether these cameras are linked to a dedicated monitoring station or are self-monitored by the homeowner. Insurance companies will generally extend any discounts for home security to homes covered by a camera.
Do-it-yourself security systems can often lower home insurance premiums as any other home security system would. Sometimes, insurance companies require that security systems be professionally installed to ensure they are working as designed. It's always a good idea to find out what your homeowners insurance company's guidelines are before investing in a home security system.
Averages vary depending upon the location of the property and the company insuring it. Discounts range from smaller percentages for simple systems, such as fire alarms, and larger discounts for expansive systems linked to outside monitoring stations.
Your precise discount will depend on many factors, like what kind of home security system you have, and your individual plan coverage. Contact your home insurance provider today to learn more about your unique options.