Home Security Systems – Insurance Discounts and Peace of Mind

Home security insurance discounts
ADT Sticker on window
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Do you ever worry about your belongings when you’re away from home? Whether you’re leaving for a week-long vacation or just heading out to the store for an hour your home still has a chance of being broken into. That chance is always there. However, it’s been proven that homes with added security, namely a home security system, are less likely to be broken into. Home security systems are on the rise because they give people a piece of mind when leaving their home.

Of course, something like a home security system is expensive. Not everyone can afford the monthly bill to keep the system activated, and it costs even more for the system itself with installation. Fortunately, insurance companies realize the benefits of having a home security system and are beginning to offers discounts and credits to your account for having some form of additional security. They see that by having a home security system your home is at lower risk and therefore you are a good customer who isn’t going to cost them a lot of money. It’s like the “safe driver” discount you hear about in commercials, if you’re low risk then the insurance company will reward you.

We can look at some of the big name insurance companies to see what they say about discounts for having a home security system.

Allstate: You can save up to 15% when your home has added protection.

Liberty Mutual: No specific percentage or number in savings is guaranteed, but it is stated that if you have added security on your home you can receive a discount. Also, if your policy has no claims for three years then you could have more savings. Double the savings for home security!

Nationwide: Again, there is no exact number of savings given but they state that a discount can be offered if you have added security. They also have the “claim-free reward” that you could potentially qualify for if your policy remains claim free, but no time frame or other specifics are given. Still, it’s a potential for more savings with the help of a home security system.

State Farm Insurance
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StateFarm: They offer discounts and savings for two types of home security systems, ADT and Canary. For ADT you get 10% off installation and 10% off your monthly monitoring fee. With Canary, you get a $20 Visa gift card and $20 toward an annual membership. Since these two companies are listed specifically, it’s unlikely that there are any other discounts for other security systems.

As you can see, every insurance company will likely have some sort of discount that you can qualify for by having a home security system. Unfortunately most insurance companies aren’t willing to advertise a specific number or percentage in savings. After all, every home is different and needs a different kind of coverage so savings can vary.

It also depends on how advanced your home security system is, meaning is your home more secure with the system and by how much? Some systems are more reputable than others, and some systems have more bells and whistles. Your savings will also depend on where you live as state laws vary. Then of course there are some exclusions that apply to each insurance company.

You really can’t know what your exact savings will be unless you contact and agent and have a quote run for you. What is known is that your odds of receiving a discount will increase greatly if you have a home security system. In fact,  it’s said that your savings can be anywhere from 0% – 20% depending on what added protection you have.

There are some additional ways you can potentially increase your safe-home discount. For example, having any or all of the following items is considered added protection:

  • Smoke detectors
  • Fire extinguishers
  • Deadbolt locks
  • Sprinkler systems
  • And of course, burglar alarms

Really, anything you have that reduces the risk of a break in, fire, water damage, etc. can get you a discount on your homeowners insurance. You will not only receive discounts for having added security but you will have piece of mind knowing that your home and belongings are better protected. The bottom line is that a quality home security system can go a long way to protecting your home and giving you the best discount on your homeowners insurance. home security insurance discount