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Insurance Companies Offer Security System Incentives for Homeowners

Insurance Companies Offer Security System Incentives for Homeowners

Insurance Companies Offer Security System Incentives for Homeowners


For every homeowner out there who has yet to bite the bullet and spend the money on a solid home security alarm system, particularly one with a smoke/fire detection system, you may want to pay close attention.

According to the results of a recent poll, many of the leading insurance companies are encouraging homeowners to install monitored security systems by offering them substantial discounts on homeowner's insurance.

"A survey of the 10 largest insurance companies offering homeowners coverage found premium discounts up to 20 percent if a home is equipped with a monitored alarm system," said Dom D'Ascoli, president of the Electronic Security Association in a company press release. "The discounts can be substantial enough to pay a portion of the monitoring costs or installation of the system," said D'Ascoli. Insurance Companies Offer Security System Incentives for Homeowners


According to reports compiled from several key insurance executives, the discounts may be offered through smaller carriers with policies tied to larger providers, but that every policy is going to vary, depending on size of the home, location, and other factors. In other words, this is not a give, but well worth investigating. "The majority of insurance companies offer discounts for alarm systems," said Michael Barry, spokesperson for the Insurance Information Institute. "Homeowners should check with their individual carrier to determine the amount and availability of the discounts."

Statistics have shown that even if home invasion or home security alarms are never activated, just by being in the home they are doing their job, particularly if the home carries signage that shows a security system installation has been completed. Many companies provide these yard signs and wall signs free of charge, but apparently their presence is worth much more. According to another comprehensive home security system and home alarm study conducted by Dr. Simon Hakim of Temple University, the risks of being burglarized are substantially reduced if you have a system installed.

"An alarmed single family home is more than 60 percent less likely to be burgled than a similar home without an alarm," Hakim said.

According to the findings of a recent comprehensive, two-year study conducted by the School of Criminal Justice at Rutgers University, there is plenty of support for exactly why the big insurance companies would be offering the discounts. Described as the most comprehensive study of its kind, the team of Rutgers researchers used sophisticated in-depth research techniques to eliminate the variables that impact crime rates and to focus solely on the impact alarm systems have on residential burglaries.

"Thanks to modern technology alarm systems are more affordable, versatile and dependable than ever before," said D'Ascoli. "The Rutgers study showed that these technical innovations have increased the availability of home security systems to middle class homeowners and helped reduce crime."

For homeowners there are many incentives for having a home-invasion and alarm system installed. Why? Because it's not just home-invasion security systems that are garnering support and prompting the policy discounts. In addition to discouraging burglars, modern home alarm systems also carry the potential to dramatically reduce the damage caused by house fires, and insurance companies of course respond favorably to that.

Fire and lightning claims are almost 10 times higher than claims for burglaries and thefts according to statistics from the Insurance Information Institute, and when an alarm system is technologically equipped to report smoke alarms and possible fires, there are faster response times, less damage incurred, and naturally less of financial strain on the insurance policy itself.

"The alarm's ability to notify the fire department whether or not anyone is at home or able to call for help is vital in reducing the cost of these claims and protecting building occupants," said D'Ascoli.
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Insurance Companies Offer Security System Incentives for Homeowners