3 Ways to Cut Insurance Costs with Security
Many homeowners assume that living in a safe neighborhood eliminates the risk for a burglary, which is not the case. In the unfortunate event that they find their valuables stolen or damaged after a home invasion, homeowners could issue a claim against their home insurance policy — and more often than not, filing a claim results in homeowners seeing a rise in their insurance premiums.
According to the market data, there were more than 3.7 million burglaries in 2003 – 2007, the equivalent of one burglary every 8 seconds, according to alarm.org, run by the Electronic Security Association. For these reasons, homeowners should consider whether installing a home security system is worth the investment, not only to protect their family and
Here are three ways to reduce insurance costs with a security system:
1. Boost Home Safety
Insurers may provide a discount on insurance premiums for homeowners who have a home security system, which can help increase the overall safety of the home. Research performed by alarm.org stated that 90 percent of convicted burglars said they would keep away from homes with home security systems. The assumed decrease in incidents could help insurance companies perceive homeowners as less of a risk, and therefore qualify them for discounts.
2. Lower Costs on Home Policy Premiums
Homeowners could see their insurance premiums decline by up to about 20 percent with the installation of a well-rounded home security system, according to researchers. Not only can having a comprehensive security system help reduce insurance costs
3. Minimize Risk of Cost Hikes
To steer clear higher insurance premiums, homeowners should carefully review their policies. Home insurance companies may opt to hike insurance policy premiums should a burglary occurs, so it’s a good idea to know what factors could bring about unwanted changes to the cost of your home insurance.