With homeowners insurance rates on the rise, installing a home security system could help reduce the cost of your premiums.
In 2022, the average annual cost of homeowners insurance in the United States is $1,393 for $250,000 in dwelling coverage, according to Bankrate. This is up 6 percent from last year.
The cost of insuring your home has been on the rise. On average, premium rates rose 11.4 percent from 2017 through 2020, according to the Insurance Information Institute. Natural disasters such as tornadoes, wildfires and floods along with supply chain issues and rising material costs are pushing rates even higher. Experts expect this rise in rates to continue.
A homeowners policy protects what is often your biggest asset – your home and belongings. Mortgage lenders require homeowners insurance. As the rates increase, your mortgage payment will rise accordingly. There are several ways you might be able to get a discount on your homeowners policy.
Depending on your insurance company, the state in which you live and other factors, a monitored home security system could get you a discount ranging from 5 to up to 20 percent. Not every insurance company provides these discounts and the savings can vary on the type of system installed. Check with your insurance provider to find out how much you could save by installing a
Some insurance companies also provide discounts for smart home systems. Smart home technology connects with devices around your home and can notify you through your smartphone if a problem arises.
Delco Alarm Systems installs a wide range of home security systems, all offering the industry’s leading technology. Our professionals can answer your questions and help you select the best solution for your needs. Call the professionals at Delco Alarm Systems at (610) 494-9100 to schedule a free consultation and estimate.