At our house, we pay a lot for our homeowner’s insurance because of two factors: one, the age of our house (built 1890) and two, where we live (far outside of town). So any time I can find a way to cut our costs, I’m looking for it!
And a home security system is one really easy way to cut the cost of your homeowner’s insurance—even if you don’t live in the boonies.
12 ways to cut your homeowner’s insurance costs
Obviously, we’re not the only ones looking to save money on premiums, because the Insurance Information Institute has a list of 12 ways to cut your homeowner’s insurance costs. They include:
- Shopping around.
- Raising your deductible.
- Bundling your auto and homeowner’s insurance together.
- Making your home disaster resistant.
- Staying with one insurer long term.
- Having good credit.
- Improving your home’s security.
According to the article, improving your home’s security can include installing smoke detectors, a sprinkler system, burglar alarms and deadbolts, but one of the easiest ways we know to improve your home security is to get a professional home security system.
Lower your insurance costs with a home security system
The article states you can up to 15% or even 20% by installing a home security system. If your homeowner’s insurance is part of your regular mortgage payment, you might not notice the difference a few dollars can make each month. But consider the math: If you save $20 per month, that’s $240 per year. Over the course of a 30-year mortgage, that’s $7,200!* And if you do the math, you might discover the money you save on your insurance premiums will cover the cost of a home security system.
You’re also lowering your risk
With a home security system, you also decrease the chances of your home being robbed (which is one reason why the insurance companies will lower your deductible). A home security system doesn’t guarantee your home won’t be burgled, but it definitely makes your home less appealing: 90% of burglars say they avoid homes with obvious home security systems, and homes without are three times more likely to be broken into.
Can you put a price tag on that kind of peace of mind?
*Note: These numbers are for illustrative purposes only.