Can you put a price on home security?

Whether you rent an apartment or home, own a home or condo, or rent out your residence to others, home security should be a priority. When the economy is tough, it isn’t uncommon to hear of more break-ins, especially as criminals look for possessions and/or cash to maintain their criminal lives. With that said, where does home security rank on your importance list? According to the FBI, a home break-in (burglary) takes place in a US residence every 13 seconds, meaning more than 2 million occur on a yearly basis. Meantime, it is estimated that a mere 17% of US home have security systems in place, leaving quite a large percentage of residences unprotected nationwide. Given these numbers, how can you better protect your home and family? For those who are interested in getting a security system for their home at a good price, keep these factors in mind: 

Review options Look for home security providers that are running specials during the year. Review their websites for present promotions and then review their history. Look to see if they have a track record of success, review their customer service record (the Better Business Bureau is a good starting point), and see if they offer trial periods and/or money back guarantees. Always get several quotes so that you can compare providers. 
Review contracts Make sure before you sign any paperwork that the details are clearly explained to you, including everything involving fees. While the deal up front may sound like a good one, you could get nailed with monthly or yearly charges that can unexpectedly increase. This can be especially true if you are getting a low price initially for the system, albeit with charges on the back end. 
Review your neighbors It is not uncommon for one or more homes in the neighborhood to be alarmed at the same time. In those cases, first check with your neighbors to see which company and product they went with. Secondly, there may be savings available to you if one provider is covering a number of homes in the area. If that provider can strike a deal with several households to provide security, you win in the end. 
Review insurance Check your homeowners or renters policy to see if you can score some savings on your premiums by having your residence alarmed. In many cases, your insurer will provide you with a cheaper premium if you show that you have a qualified security system in place. Along with not filing any claims for burglaries, having the security system in place will lower your insurance bill over time. 
While you can never put a price on your safety and those around you, it does not mean you can’t save a few dollars at the same time.
Dave Thomas covers financial topics for various websites, including finding the right home security system.