Will A Home Security System Lower My Homeowners Insurance Premium?
New homeowners beware: the cost of homeownership can quickly balloon, with repairs, taxes, and most of all insurance. Yet there is a way to lower your home insurance rate. Many home insurance providers have a discount for home security systems installed in the home. The thinking is that home security systems provide a deterrent to thieves and burglars, making it less likely that your possessions will be stolen and necessitate insurance payouts.
There are several factors to consider when obtaining your home insurance security discount.
Does Your Home Security Setup include Professional Monitoring?
First, you’ll want to check if your security system includes professional monitoring. This feature usually includes a 24/7 call center that can dispatch your local police in case of an emergency. If your home security is only self-monitored with only a siren, you may not be eligible for the full discount provided. You’ll want to check with your insurance agent to make sure that you fulfill all the requirements. If you need to upgrade to professional monitoring, check with your security provider! Most DIY security companies offer multiple plans, and you can easily upgrade to a plan that meets your insurance company’s stipulations.
Does your Security Company provide a Monitoring Certificate?
Unfortunately, most insurance companies don’t take your word that there is a home security system installed in your house. Instead, they need a monitoring certificate that states the amount of coverage your security system provides, as well as the name of the company that installed the system and the company that monitors the system (if they are different). To obtain your certificate, contact your alarm company’s customer support team. For Scout Alarm, a monitoring certificate can be downloaded in the “Subscription” section of the Scout Alarm mobile app for iPhone and Android. You can also have the monitoring certificate sent by email using the Scout Alarm online dashboard.
Is there an additional discount for Fire Monitoring?
If you have a smart smoke detector installed like the First Alert 2-in-1 Smoke/CO detector, your professional monitoring plan may also include fire dispatch. You can ask your insurance provider if they also offer a discount for fire dispatch. Oftentimes, you can provide one certificate that states that the home is professionally monitored for burglary and fire to receive two discounts. Now that’s efficient!