How Keeping Your Family Safe Can Save You Money


Home Security Saves You Money On Home Insurance

Nothing is more important than the well-being of your family and loved ones. Protecting your home is a great way to keep them safe. And, thanks to new innovations in home security, there are all kinds of ways for you to do that. Most home insurance companies offer discounts for home security. The more ways you safeguard your family, the more you save. But what qualifies as home security, and how much will it really save you? Here are some facts that will help clarify how protecting your home can also lower your home insurance.

SEE ALSO: 3 Ways Your Insurance Bundle Isn’t As Cost Effective As You Think

Lessening The Risk Of Damage To Your Home Will Lessen Your Monthly Premium

Homeowners insurance is dependent upon the probability of property damage or theft. Fortunately, today’s technology now makes it possible to detect problems before they even occur. Home insurance companies love this because it practically eliminates the need to file a claim, saving them money and time. Luckily, they’re willing to pass their savings on to you with discounts on your premium. Safety measures that can count toward your policy include:

  • Fire alarms
  • Smoke and CO2 detectors
  • Fire escapes
  • Connected outlets
  • Interior sprinkler systems or water detectors
  • Automated water or appliance shut off

For reducing the chance of damages occurring, insurance companies will cut around five to 15 percent from your premium, depending on your provider. For instance, at State Farm, the average fire damage claim is just over $34,500, while water damage claims average around $8,000. Since your safety precautions stop the need for you to file those kinds of claims, State Farm will offer you up to 10 percent off your homeowner’s insurance.

SEE ALSO: State Farm Auto Insurance

Defending Your Home Against Crime Can Lead To Discounts On Your Policy

According to the FBI, a home burglary occurs every 13 seconds, and a home without a security system is three times more likely to be broken into. New advances on home security are developing every day, though, so there are a number of ways for you to protect your home. Again, insurance companies love this because it lowers the threat of you filing for a claim. What qualifies as home security will vary from company to company, but discounts are typically given for:

  • Deadbolt locks or reinforced doors and windows
  • 24/7 home monitoring systems or security guard
  • Burglar alarms or motion detectors
  • Living in a gated community or HOA community

It’s also common for home security systems and providers to come with multiple lines of defense. Vera, for example, is an automated home security system that includes a camera, motion detector, and deadbolt lock. These multiple security features not only provide more defense, but can be combined for a bigger discount.

As always, the amount of money you save on your home insurance policy will vary. Normally, discounts can range from five percent to 20 percent, depending on the value of the security measure. For example, high-tech sensors can save between five to 10 percent, while living in a gated community can save as much as 20 percent. Again, keep in mind that the more lines of defense you have, the bigger discount you can get.

Of course, home insurance companies don’t always insure the pricier items in your home unless you have additional coverage, no matter what kind of security you have in place. Check your policy to find out exactly what you have covered. If you would like to learn more about home insurance and the types of policies and discounts available, visit InMyArea’s insurance page for more information.

Date of original publication:
Updated on: September 02, 2016

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