Security System Discounts on Home Insurance Policies

2024-Jul-17 | Company Blog, Personal Insurance

In the current financial climate wouldn’t you welcome the opportunity to reduce your expenditure, make your home safer and add value to your property? Very few people would say NO!

Well, if you had certain security features added to your home you could benefit from a home insurance discount. Most homeowners insurance policies provide such a discount but the amount of the discount will vary between insurance companies.

With a home insurance discount of anything between 3% and 20% there is a sizeable savings to be made. Now, let’s be honest, the savings that you make will not cover the cost of installing a state-of-the-art monitored alarm system but the primary reasons for adding security features to your home is not to benefit from a home insurance discount.

So, what sorts of security features are required to benefit in this way? If your home is fitted with sprinklers, burglar alarms, fire alarms, fire extinguishers, deadbolts or smoke alarms your insurance company is likely to reduce the premium you pay.

Why do insurance companies offer a home insurance discount?

Quite simply, the greater the number of security features that you have on your home the more unlikely you are to claim on your policy. For instance, if you have an alarm system and deadbolts fitted to your outside doors and windows you are less likely to be burglarized as they will act as a deterrent. In fact, research has been carried out revealing that if you have an alarm system fitted your home is 60% less likely to be burglarized than if it does not have one.

If you have sprinklers, smoke alarms, and fire extinguishers installed then, should a fire start, it is likely to be dealt with more rapidly. This will result in less damage to your home and belongings.

Therefore, the benefit to your insurance company is that they will need to pay out less in claims and these savings can be passed on to their policyholders –you.

You should contact the insurance company that you have your homeowners insurance policy with and ask them if they offer a home insurance discount for security features. If they do – you need to know what level of discount they will provide as this is likely to vary based on the type of security features installed.

Having established the facts it is worth shopping around to see if you can get a better deal elsewhere. In that respect, you may like to make contact with Tidwell Agency who is an independent insurance agent. We will be pleased to look into this further for you from the extensive number of insurance companies we use. We have provided insurance advice to the community of Lexington, SC going back as far as 1981.

For more information, please visit our website.