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Security System & Homeowners Insurance

Posted by annie1956 (My Page) on
Fri, Mar 19, 10 at 7:43

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).

Follow-Up Postings:

RE: Security System & Homeowners Insurance

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

RE: Security System & Homeowners Insurance

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.

RE: Security System & Homeowners Insurance

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.

RE: Security System & Homeowners Insurance

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...

RE: Security System & Homeowners Insurance

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

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