Do you think about installing a home security system, but the cost puts you off? Are you concerned you may not get value from this home improvement? You might consider that home security systems can actually pay for themselves, while protecting your family and valuables.
Before we discuss how home security systems can pay for themselves, let’s consider how much it will cost. That depends on the type of system you choose. For our purposes, we will consider four types; unmonitored systems, monitored systems, wireless systems, and wired systems.
These types of security systems are the most affordable, because you only pay for the system and its installation. They do not connect to a central call center that notifies police, so you have no ongoing monthly charges. You pay once, for installation, and no more. Unmonitored systems rely on loud alarms (and sometimes flashing lights), to cause a neighborhood disturbance. This will hopefully prompt neighbors to call the police, and cause the intruders to flee the scene. However, unlike monitored systems, there is no guarantee someone will call police.
Monitored security systems also trigger loud alarms at the property causing a disturbance that, hopefully, scares away the intruders. In addition, they automatically notify a call center, operated by system provider, which, in turn, notifies the local police. So, we consider these systems more effective because they don’t rely on neighbors to step in and call the police.
Wireless security systems are easy to install. You don’t drill holes or run wires throughout the home, so you can do it yourself, if you like. They also eliminate the ability of intruders to cut the phone lines, and possibly disabling the alarm. Many wireless systems allow you to operate the system remotely. However, they are prone to interference, similar to the type that can affect cell reception and WiFi connections. Wireless systems can be either monitored or unmonitored. They use battery power, so you need to frequently change the batteries to keep the system operating.
This is the most traditional type of system. The door, window, and motion detectors in wired security systems tap into the home’s electrical and landline phone systems. This may make them less prone to failure than wireless systems. However, the exposed exterior electrical and phone wires can be cut and potentially disable the system. These systems generally require professional installation, but after that, there are no real maintenance issues, and no batteries to change.
According to HomeAdvisor, the cost to purchase and install a home security system can typically range from around $300 to more than $1,000. Your cost can go lower or higher based on factors that include the size of your home and the type of system you choose. Plus, if you opt for a monitored system, you will pay between $30 and $60 a month for monitoring services (roughly $360 to $720 a year).
According to insurance.com, the owner of a $200,000 home in Florida paid an average annual rate of $3,575 in 2017 for homeowner’s insurance. Of course, individual rates vary based on the value of the home, deductibles, liability coverage, and more. However, having a home security system can lower your premium about 15% to 20%. For example, Allstate Insurance says you can save up to 15% on insurance with a safe home discount on homeowners insurance if you have a home security system.
Let’s apply a 15% discount to our example of $3,575. The savings in one year would be about $536.00. At 20%, your one-year savings would be $715.00. This savings can partially offset the cost of equipment and installation. Of course, if you pay more for your insurance, you could save even more.
There are many benefits to installing a home security system. Paired with quality door locks and window locks, properly installed by a quality local locksmith, its presence can keep a potential burglar from targeting your home. And, if the burglar does try to enter, it can scare him away and quickly summon police to the scene. And now, you know that some of the money you invest in that protection can come back to you in the form of insurance savings. That sounds like a true win-win!