Home Security Systems: Protecting Your Home and Wallet

by Mike on April 6, 2013

Home security

Most homeowners invest in a security system to help protect their loved ones against intruders, fire and other hazards. But the benefits of an alarm system reach far beyond just the simple protection of your home and family. As it turns out having one installed can yield considerable financial benefits for you and your wallet and here is how:

Add value to your home

Having an up-to-date security system can increase the re-sale value of your home for prospective buyers. When you take a look at the latest FBI statistics, you’ll see that more than 2.2. million burglaries occurred nationwide in 2011 – that’s nearly one every 15 seconds. On top of that the less than stellar economic climate has exacerbated the problem and petty crime seems an easy way to make quick money. For these reasons it’s no surprise that prospective home buyers have started making home security a tick box when looking at new properties and their value.

The added value to the home may vary based on several factors including the type of system you install. From a quick search online I found as a general rule the more complex the system, the more value it will add. An example being a wireless monitored system with inclusive protection will usually yield more value than a traditional, hard-wired system with just motion sensors. I found some information over at ADT’s line of security systems (www.besthomesecurity.com) to compare what would be considered high value by most home buyers.

Save on your homeowners insurance

In addition to potentially boosting your home’s re-sale value installing an alarm system can also cut some considerable savings on your home insurance premiums. Home security

It’s important to remember that insurance companies evaluate their clients based on risk. Those perceived to be riskier (or more liable to file a claim) will have higher monthly premiums. Now let’s back up and remind ourselves that a burglary is committed every 15 seconds in the U.S (remember I mentioned this further up). With that in mind consider the following stats;

  • A Temple University study found that homes without alarm systems installed are roughly three times more likely to be burglarized.
  • A Rutgers University study concluded that burglars, by a 30 to 40 percent margin, tend to steer clear of homes with a security system installed.
  • According to a 2000 survey by the National Burglar and Fire Association, 90 percent of convicted burglars said they would avoid homes with an alarm system installed.

Its easy to throw statistics and figures but common sense ought to tell each one of us that the value of a home security system as a theft deterrent is obvious. Most home insurers know this and will reward you accordingly for taking steps to make your home safer. Your probably going to find most companies will provide you with up to a 20 percent discount just for having one installed. Once again the complexity of the system plays a significant role in your overall savings. Your geographic location, credit score and other factors will also have an impact on how your savings are determined.

Home Security is for everyone

You should never lose sight of a security system’s true purpose – to keep your home and family safe. If you’re in the market for an alarm system remember to do your due diligence and make a decision based on the best interests of you and your family. Check with family and friends or someone who has had a system installed recently. What the risks of the different models, their costs and don’t forget to consider what the cost could be to not have a system at all.

 

***Photo thanks to Hay Kranen & USCPSC***

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{ 2 comments… read them below or add one }

Marie at Family Money Values April 19, 2013 at 12:31 am

We fell for all of that we we had an adt system installed years ago. All a thief has to do is cut the phone line and you are no longer protected. We experience price increases each and every year for the monitoring and the kid that installed the system really did a lousy job.

We had the motion detectors go off once and the wrong police department was notified, resulting in an extra charge for us from the police.

So, go into the deal with open eyes. If you live in a high crime area, have buried phone lines, get an adequate installer and want the extra security, it might be worth it. We only save $93 a year on our insurance, which in no way offset the 400+ cost of monitoring.

We are thinking of getting rid of the monitoring.

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KC @ genxfinance April 19, 2013 at 1:27 am

It doesn’t only give me peace of mind but security systems increase the value of my home too. That is awesome to know.

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