Adding Fire and Security Systems Lower Insurance Rates in Minnesota

Every 30 seconds, a burglary incident is reported in the US, with properties lacking security systems nearly three times more likely to be burglarized. Installing security devices such as burglar alarms, deadbolts, smart locks, or fully monitored security systems helps reduce such incidents and enhance your peace of mind. Besides the increased safety for your business or family, these extra security and fire protection features can lower your insurance premiums by up to a whopping 20 percent.

How Does Installing Fire and Security Systems Reduce Insurance Rates?

A professionally monitored security system adds an extra layer of protection, enhancing the safety of your building. Again, the risk of suffering costly fire damage, water damage, or theft is lower for properties with 24/7 security monitoring than those without. Insurance companies understand that adding fire and security systems reduce your likelihood of filing a claim due to vandalism or related damage. Therefore, the company saves money and makes consumers direct beneficiaries by passing the savings to them through premium reduction.

How Much Do You Save by Installing a Professionally Monitored Security System?

As a homeowner, your insurance premium might be rolled into your mortgage, and until now, you might be unaware of how much it costs. Instead of tossing your mortgage bill into the bin immediately after it arrives, take a look at your next itemized mortgage bill, and you will understand how much you pay every month.

The insurance discount varies from company to company, depending on the security and fire protection measures installed. Most insurance companies will give you a discount of 5-20 percent if you have an integrated alarm system with security cameras. Installing more than one security feature or having 24/7 security monitoring can earn you a higher discount than those with limited features.

What Fire and Security Systems Will Lower Your Insurance Premium?

The discount policies vary by company. Some offer policy credits for individual security features such as fire sprinklers, smoke detectors, and security cameras, while others list multiple security features under a single policy credit. Safety features that can earn you a discount with your insurer include;

• Monitored security system—the market is full of security systems, including those with professional monitoring and DIY options. Many insurance companies offer discounts for security systems equipped with alarms, motion-activated security cameras, window breakage detection, and door sensors. Such systems are designed to alert you of any intrusion besides deterring potential invaders.
• Fire alarms and smoke detectors—most insurance policies require that properties have smoke detectors to qualify for fire damage policies. However, installing an integrated system with monitored smoke detectors and fire alarms often gives you a discount.
• Check your HOA Guidelines or Insurance Policy for specific guidelines:  If your property is leased out your HOA or Insurance company may require a fire alarm and/or sprinkler system
• Sprinkler systems—as part of fire protection measures, sprinklers, in addition to smoke detectors, can give you extra savings on your insurance plan.

According to the Minnesota Department of Public Safety State Fire Marshal Division, sprinkler-protected properties are entitled to different federal and state incentives including insurance premium reduction. Both residential and commercial buildings are eligible for these incentives. Consult your insurance company to determine the insurance discount you qualify for by installing sprinklers and other safety features in your property located in Minnesota.

Protect Your Property and Lower Insurance Costs

A customized security plan can help you protect your business and prevent losses due to theft, fire damage or vandalism. Brothers Fire & Security Systems ensures you have access to the latest property protection features that guarantee you peace of mind while cutting your insurance costs by a huge chunk. Whether you’re looking for sprinklers, security cameras or access cards in Minnesota, we guarantee value for your money. Contact us today.