Save Money on Your Home Insurance with a Security System | Davis Insurance – Myrtle Beach

How Much Does a Security System Save on Homeowners Insurance?

The savings for a burglar alarm or home security system is typically in the range of 2-10% on home insurance premiums.  Hey, in today’s world every little bit helps right?  The types of home security and the amount of the discounts given truly vary by company.  But, let’s dig in a bit to see what you may qualify for in your home insurance policy.

One frequent question is, “Will the discount be enough to pay for the security system?”.  Not to spoil the rest of this blog, but in most cases the answer is no.  However, if your home has several security features and especially if your premium is higher than average; the discounts can add up to really save you some dough.

With multiple security features you may be able to lower your home insurance premium by up to 20%.

Typical homeowners insurance security measures that can lower your rates

Most (but not all) carriers in the Myrtle Beach, South Carolina area offer discounts for the following:

• Deadbolts – To get this discount your insurance company will likely require a deadbolt lock on all exterior doors.
• Smoke Alarm – This usually applies if your home has the appropriate amount of wired smoke detectors with batter back-up.
• Gated community – If your home is in a gated community, you may be able to get this discount.  Some insurance carriers have their own requirements on this, such as the gates must remain closed or be guarded.  Some carriers even have other similar credits, such as a discount for the neighborhood being patrolled by a security company.
• Non-monitored Alarm – This could apply for a burglar alarm, fire alarm, or both.
• Monitored Alarm – This discount is usually higher vs. an alarm that is not monitored.  Most monitored alarm systems can provide protection for fire, burglary, or both; and they usually require a monthly or annual subscription.

Additional security features that could save you even more on your homeowners insurance

Some insurance companies that provide home insurance in the Myrtle Beach and South Carolina market offer discounts for features that are not as common and you may not though of.  It’s a gray area that these can be called security features, but they deserve a mention. 

• Sprinklers – This is sometimes broken down into a discount for sprinklers in all areas (including closets, bathrooms, porches, etc.) and for sprinklers just in the main rooms.
• Water Sensor – A sensor that detects the presence of water or detects the flow of water in pipes.
• Automatic Water Shutoff – A valve that automatically shuts off the main water supply to the house when activated.
• Low Temperature Sensor – A temperature monitoring system that provides alerts when the temperature falls below a minimum threshold.
• Green Home Features – This may apply if your home has been certified with the Leadership in Energy and Environmental Design (LEED) designation.

KEY POINTS:

• Security systems bring protection to your home and family and there is value in that.  Consider more than just the home insurance premium savings when deciding whether or not to purchase home security.
• There are many types of security discounts, and maybe some you have not thought about.  Ask your insurance agent about all that are available.
• Your home security discounts will be noted on your Homeowners policy declarations page.
• Your insurance agent will likely need proof of some or all of the security features for the discount.  If not provided, discounts may be removed – causing the premium to increase after the policy is bound for coverage.