Security System & Homeowners Insurance

annie1956March 19, 2010

Hi All,

Last October we has a whole house security system installed by a national company - the whole ball of works - windows, doors, alarms, central stationing etc. All of the companies advertised 15-20% discount off of our homeowners insurance premium. Well, we finally received our declaration page back and we got a whopping 5% discount. They had previously given us 2% discount for "protective devices" (for what I don't know) and know they upped it to 7%. I am SOOOO disapointed and am going to call the agent. I wouldn't feel so bad if it was even 12% or so - but this is a rip.

So - what all does your insurance companies give for discounts?

BTW - our company is FMI.

And - I had already back in the late summer had them adjust our dwelling down by $53,400 because they kept increasing it. Homeowners is prepaid 1 year in advance and they won't give any money back - they say they will credit off of next year's bill. So now I really have to count to make sure they discount the bill come June (if I don't go elsewhere).

Thanks

A

Thank you for reporting this comment. Undo
missjulied

I think ours was about a 4% discount. I was pretty disappointed as well.

    Bookmark   March 20, 2010 at 12:27PM
Thank you for reporting this comment. Undo
maifleur01

Did either of you check with your insurance company about any discounts before you added the security system. Any discount should be secondary to the preceived need for a security system not a reason to add one.

    Bookmark   March 20, 2010 at 9:37PM
Thank you for reporting this comment. Undo
missjulied

I didn't check with my insurance company, but the reason we installed the system was for security, not for the discount.

I was, however, still disappointed when I found out how little the discount was. I suspect that the security firms are probably inflating this number to make their service more attractive to people who are on the fence.

    Bookmark   March 21, 2010 at 11:52AM
Thank you for reporting this comment. Undo
kudzu9

I would have installed a security system even if there was no discount. I get about 5% and consider it gravy.

Not to chide you, but it's not surprising to hear that someone selling you something might inflate the size of a discount that they are not responsible for...

    Bookmark   March 21, 2010 at 3:39PM
Thank you for reporting this comment. Undo
annie1956

We were getting the security system no matter what - just thought the 15-20% discount would be FABULOUS! I called anouther insurance company (Liberty Mututal) and theirs was about 4-5% as well. So that's what seems to be the standard...
Thanks for the responses
A

    Bookmark   March 21, 2010 at 5:14PM
Sign Up to comment
More Discussions
Investing for your Future
I'm wondering if most people today hire financial planners...
cmarlin20
Evicting
Don't know where to post this specifically. The thing...
Curt D'Onofrio
Ontario - Canadian law question
Hi: I am hoping I can find someone on the forum who...
mistopheles52
child tax credit, age 17 cutoff
I was just wondering if anyone knew the logic behind...
jiggreen
Spending Breakdown
My wife and I have tracked our spending over the last...
rjexit5
© 2015 Houzz Inc. Houzz® The new way to design your home™