Will Renter’s Insurance Give a Discount if You Have a Security System?
Home invasions or burglaries are a threat to any household, regardless of where they are located. One of the biggest deterrents for burglars is a home security system that could record evidence of their actions or could notify the authorities at the time of a break-in. This is a huge motivator for homeowners when deciding whether they should invest in a home security system. But did you know that having a security system could ultimately save you money by reducing the cost of your renter’s insurance?
According to Alarm.com, there is one burglary every 13 seconds. While you may feel safe in your local area, insurance companies are aware of the possible risk in any town and can raise your insurance rates at any time. A break-in or burglary can be extremely expensive and take months to recover from the financial loss.
Inspecting Your Rental
As a renter, many of the elements of your lease are likely on your landlord or management company to ensure are carried out. If you notice upon further inspection that your locks are faulty or weak, or that certain windows do not lock correctly, you should bring that up to them immediately.
In cases where you choose to add on other security features to your home, you may need to discuss this with your landlord and make sure it is not in contradiction to anything in your lease agreement.
Some ways you can improve your home security include replacing door hinges, making sure your fire alarms are functioning, and replacing any alarms or detectors that may have expired.
How to Save on Renter’s Insurance
When you apply for renter’s insurance, your policy will be determined based on several factors. According to Policygenius, If your home has deadbolts, smart locks, burglar alarms, or a monitored system, you can save between 2 and 10 percent on premiums. Some insurance companies claim that they can save you up to 20% if you have a monitored security system in place.
Other potential discounts can come from your home insurance if you’re located in a gated community or with an HOA-enforced neighborhood security system.
To get a discount on your renter’s insurance or premiums, you will need to contact your insurance company directly and request a quote.
Why a Home Security System Matters
A home security system acts as both a deterrent for potential crime and to keep your home safe during an active home invasion. Only 17% of home break-ins occurred in a house that had a home security system, and homes without a security system are 300% more likely to be broken into.
Additionally, most security systems include fire safety devices that can quickly detect smoke or flames. Since fire damage amounts to over ten times the number of insurance claims for theft, this is a massive consideration for insurers. With fire and security devices in place, you are less likely to submit a claim for either of those events taking place.
Types of Home Security
There are many options for building a home security system that can be customized to your home, your preferences, and your needs. If you are interested in learning more about home security systems or residential fire systems, please contact our team of security experts at FSS Technologies.
Explore Our Other Blogs
Types of Fire Suppression Systems
What is a Fire Suppression System? The goal of a fire suppression system, also known as a fixed extinguishing system, is simple, reduce the risk of a fire and extinguish it by using a substance. According to the Occupational Safety and Health Administration, a fire suppression system has detection tools that can sense the early…
Testing Fire Alarm Call Points
Most large commercial-grade fire alarm systems today are an addressable fire alarm system. Addressable fire alarm systems, also known as addressable fire panels, give every smoke detector or sprinkler head on the system its own uniquely identifiable address or call point. When any sensor on the system is triggered, the main control panel shows exactly which device or point was triggered to pinpoint…
DIY Security Systems
DIY home security systems have been on the market for years, offering homeowners the ability to order and install a simple-to-use system for their property. A DIY system often boasts cheap and easy security solutions for a home but are not the right fit for all homes. Cost-Benefits As with almost everything in life, cheaper isn’t…
Hard-Wired vs Wireless Security Systems
The chicken or the egg. Not asking which came first in this case, just which one you like better. In the world of security systems, which came first between wired and wireless was answered long ago. But the question of which is better remains. Let’s start with a quick overview of how each of these…
The Risky Business of Ring’s Vulnerable Security
If you are like the rest of Americans, you have noticed that the Ring Security company has been in the news lately— and not for anything useful. Between security hacks and lawsuits, the company has landed itself in hot water. Surveillance Camera Hacks Homeowners have security cameras installed in their homes to give them peace…
Has Chicago’s CCTV System Helped Lower Crime Rates?
It’s been 19 years since the Chicago Police Department (CPD) kicked off its pilot of Police Observation Devices (PODs). Today, there’s a network of 50,000+ surveillance cameras in use all over the city. But Are They Working? This simple question has no simple answer. According to the Chicago Police Department, in some areas, narcotic related…
Kidde: Innovations in Fire Safety
Your fire alarm system can protect your family, home, and belongings from fires, gas leaks, and other hazards. FSS Technologies is committed to providing its customers with top-of-the-line fire safety and emergency prevention technology, which is why we are a proud provider of products from Kidde, North America’s most installed fire safety brand. Learn about…
Which Businesses are Burglarized Most?
The idea of business theft and burglary is not a pleasant one; however, the likelihood of your business being burglarized is rather high. In fact, approximately 37% of small business owners were impacted by burglary or theft over the past year. Retail businesses in particular are highly targeted as thieves are seeking the opportunity to either use or resell stolen items. Everything from simple shoplifting to employee theft can contribute to overall business…
Most Common Causes of House Fires
A house fire can be a life-altering event that some may never fully recover from. The best way to protect your home and family from a fire is to educate yourself about the risks and how to prevent them. We all know the essential forms of prevention and protection, like smoke detectors, fire extinguishers, sprinklers,…
3 Ways to Prevent Shoplifting
Preventing shoplifting is a big deal if you’re a retailer. According to the 2018 National Retail Security Survey, shoplifting continues to be the leading cause of inventory loss for retailers. Loss of stock is a big deal in this country to the tune of nearly $47 billion. The survey also identifies the top ways retailers try…