On average, you can decrease your homeowners insurance by 20% when you install a residential security system.
This policy makes a lot of sense when you consider that homes without security systems are three times more likely to be targeted by criminals. What’s more, 90% of convicted burglars say they avoid homes with security systems as a matter of course.
Residential security systems and insurance
The reason a security system can help save money on insurance is very simple: If you have a security system you are much less likely to file a claim for burglary. In short - you are saving the insurance company money. That is why they wish to incentivize as many people as possible to buy security systems.
Homeowners insurance is often rolled into a mortgage, not paid as a separate fee. Because of this, many homeowners do not know exactly how much their insurance is costing them. However, it can be expensive. Generally speaking, homeowners insurance will cost about 35 dollars per month per 100,000 dollars in home value, though the exact figure will depend on where you live and what company you are using.
In Oregon, the average cost of home insurance is $567 per year. It’s actually one of the cheapest states for homeowners insurance, but lowering this cost is never a bad idea.
What kind of residential security system do you need to lower insurance in Portland?
In order to pocket a 20% saving on insurance, a homeowner will need a comprehensive security system. This means, at minimum, a monitored wired or wireless security system that protects doors and windows with sensors. A few wireless security cameras would not be sufficient to gain this benefit.
This may seem like a somewhat steep cost for securing those savings, but consider all of the other benefits of having a security system:
- Even if replacements and repairs are partially or completely paid for by insurance, a burglary or fire still takes a great deal of time and effort to recover from.
- A burglary or fire can be traumatic to a family, especially children.
- Serious injuries can occur during such events.
With those benefits, decreased insurance costs are just icing on the cake.
Other ways to save money
There are other prudent actions you can take that will increase your security and decrease your insurance payments.
For instance, you could make your home more disaster-resistant. Clearing out brush that could cause wildfires, or installing storm shutters are good places to start. Old heating and electric systems can be modernized to reduce risk of fire. Many insurance companies incentivize such renovations with lower costs.
Ultimately, insurance companies want you to take the safety of your home seriously. Your family wants to be safe as well. Installing a security system costs money in the short run, but long-term, it’s a win for everyone. Except burglars.