Cost and Benefit Analysis of a Home Security System
With any large purchase, it is important to evaluate the financial cost of the item against the benefits. The purchase of a home security system is no exception.
Initial sticker shock of a security system should not be enough to discourage you from arming your home. Yet, in many cases, bottom line benefits can be somewhat difficult to identify until the system deters a burglar or intruder.
Security systems have both peace-of-mind and financial benefits that can easily outweigh the initial investment. In this post, we will help you manage your risk and realize the benefit of investing in a home security system.
Prevention of emotional damage is an overwhelmingly large benefit of owning a home security system. Consider the impact it would have on you and your family, if an intrusion was to happen while you were home. The emotional damage of such a traumatic event could be irreparable.
From a Psychology Today article: "The majority of victims say they will never have the same feeling of security and inviolability that they had in the past.”
Security systems provide peace of mind. This knowledge that your possessions are safe even when you are not home can yield great benefits for your mental health. Rather than worry while you’re away, simply check in through security logs, video feeds or alerts sent to your mobile device to see that your home is undisturbed.
Some practical examples include:
- Working parents can watch their kids arrive home from school and enter safely inside using interactive security services.
- Travelers can ensure that their home and family members are protected while they are away, simply by logging into their security system.
- Should there be a fire or another emergency, monitoring systems alert authorities, keeping families, property and even pets out of harm’s way.
In addition, Rutgers University School of Criminal Justice found that the mere presence of an alarm system reduces your chances of being a victim, as burglars tend to avoid homes that have them installed.
Reducing the number of burglaries also indirectly leads to safer neighborhoods and families overall. In a UNC Charlotte study, 88% of offender’s “indicated that their top reason for committing burglaries was related to their need to acquire drugs (51%) or money (37%), although many reported needing the money to support drug problems.” That said, crime cut down could help in the battle against addiction too.
In 2011, victims of burglary suffered 4.8 billion in lost property. This equates to roughly $2,185 per homeowner victim. Weigh the cost of a security system against the amount you could lose due to a burglary.
In many cases, the cost of a system is miniscule in comparison to the potential loss of your possessions. With the prevalence of electronics like tablets, gaming stations, laptops and TVs, the average home is a prime target for fast cash.
Monitoring systems can also help prevent frozen pipes and sump pump failures, which can cause costly damage—especially if your family needs to relocate during the repair.
Finally, security systems can save you additional money by leveraging a homeowner’s insurance discount. Many companies will offer discounts based on proactive prevention taken by homeowners. This includes monitored security alarms; fire, smoke and carbon monoxide detectors; and other safety precautions.
For more ways to save money with a security solution, read our post “3 Ways to Save Money with a Home Security System.”
Commit to Security
The decision associated with a large purchase requires careful thought and consideration. Do your homework, and compare your home security choices.
For example, as an alternate to purchasing, there are also leasing options available. With a low or zero down payment, you can often get security, while spreading payments over the life of the system.
See if the monetary cost of a home security system is worth the protection of your home, and the people and possessions inside it that you love most.
Do you feel that a home security system provides enough benefits to warrant the cost?
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