Articles - Archived Money Matters

Home Security Systems

Buying a security system for your home comes with many advantages—primarily, peace of mind. But security systems also bring other perks, like discounts on your homeowner's insurance (you can save up to 20 percent!), and increased resale value of your home.

But how do you determine the security system that's best for you? First, do your research. Decide what is important for your peace of mind, and get quotes from several companies. You'll find all kinds of products out there, along with all kinds of prices. That said, if someone approaches you about a home security system, you may want to exercise caution. As with many products, it will probably be in your best interest to go out and choose exactly what you want, as opposed to it landing on your doorstep. Though most salespeople are whom they say, there's also a chance they may have researched trends in the area and are trying to sell you through fear tactics.

Another potential red flag is if you're asked to sign a long-term monitoring contract. Month-to-month monitoring for your new system is preferable, and over time, your wallet will thank you for it.

Now that you know what you don't want, here are a few things you should look for:

• UL designation (meaning the product has been rigorously tested and evaluated)
• Motion sensors
• Direct link to a monitoring service
• Fire detection

And here are some extras you may want to add:

• Carbon monoxide detection
• Medical alert option
• Mobile monitoring

No matter what the system, pricing for installation generally ranges from $600 to $800 (a one-time fee). Monitoring costs anywhere from $15 to $40 and higher per month. If you can find monitoring around the $20-$25 mark with a company you trust, you're doing well. Sign up, and you've probably just added a discount on your home insurance (be sure to let your carrier know you've had the system installed), a boost in resale value, and a safer, more secure home for you and your family.