When evaluating the cost of a home security system, take into account the savings that it provides, as well as standard equipment and monitoring fees, for a more comprehensive, effective, and accurate cost analysis.
Actual system costs will vary based on level of sophistication. However, almost all security systems provide the following financial savings in return.
1. Prevent Stolen or Damaged Property
According to 2009 FBI data, homeowners lost on average $2,096 in property per burglary offense with total loss estimated at $4.6 billion that year. Security systems minimize your risk of intrusion and theft, keeping your valuables safe.
On the environmental hazard side, low temperature and leak sensors can help prevent pipes freezing and bursting, and flooding within the home. Real-time alerts notify you if a threat exists, helping you to take proactive steps to reduce plumbing, structural and mold damages. According to FloodSmart.gov, a one-inch flood In a 2,000 square foot home could cost you $20,920 in losses.
Overall, security systems can save you thousands of dollars, should property get stolen or damaged by helping to prevent and mitigate damages associated with theft and environmental hazards.
2. Reduce Energy Bills
As discussed in a previous blog post automated temperature control and programmable lighting features associated with security system can significantly decrease homeowners’ energy bills. These features let you create customized schedules for lighting and thermostat activities to meet your routine and save energy, as well as manage these items remotely from your smartphone or computer. As examples:
- Set your thermostat to decrease at night when everyone is sleeping or during the day when you're at work.
- Login remotely to your system to turn off lights that you accidently left on before leaving the home.
- Sync lights with sensors to automatically turn off lights when no one is in the room.
Direct savings will be dependent on how much you take advantage of the security system's energy-saving features. However, according to the U.S. Environmental Protection Agency, “a programmable thermostat can save you about $180 every year in energy costs.”
3. Realize Homeowner's Insurance Discounts
Securing your home often qualifies you for homeowner's insurance discounts. According to the Insurance Information Institute, simple safeguards like smoke detectors, burglar alarms or dead-bolt locks typically trigger discounts of at least 5% on premiums, with more sophisticated monitoring solutions bringing in savings of 15-20%. Actual savings will vary based on insurance provider, so reach out to yours for exact numbers.
Tip: Talk to your insurance provider prior to purchasing a security system to understand what is required to qualify for savings, and use that information to aide decision-making.
Image Source: 401(K) 2013