Recently, a few people I met decisively would not install an alarm system at home. Especially, they would not pay $30/month for monitoring. The reason they provided made me think and research. Now, really, why would one pay $30/month to an alarm monitoring company? If there is loss, insurance would cover. My research and reasoning resulted in the following:
Monitored Alarm system vs. Insurance Coverage
1. Robbery – attempt to take something of value from another person by use of force, threats or intimidation.
a) Preventative measures (security system):
Whether it is residential or commercial property, a panic (or holdup) button can help. Without making it obvious to the criminal, one can have police show up in minutes.
b) Reactive measures (insurance policy):
If police is not there and you do not have an alarm system to help you, do nor risk your life. Valuable goods are not worth your life. Moreover, if your property and belongings are insured, there is a great potential to get those covered by insurance.
Make sure you keep all necessary paper work to prove your loss. Always call police after the criminal is gone. It is also good to have a video surveillance system in action.
2. Burglary – unlawful entry to commit a theft.
a) Preventative measures (monitored alarm system):
Sound of alarm system often makes burglars retreat in panic. In fact, warning stickers on windows and doors often keep burglars out of your premises. However, there are smart burglars who know ins and outs security systems and are prepared for these challenges.
Make sure your alarm system is smarter that those.
b) Reactive measures (insurance coverage):
Hopefully, you are not trapped inside your premises when a burglar comes. It is always better to have an armed and monitored alarm system in place – you can arm it even when you stay inside.
Insurance would cover some loss. Again, make sure you have all the paper work, call police and make a report.
3. Fire – in any circumstance is devastating.
a) Preventative measures (fire alarm system):
In most cases, a properly installed alarm system with fire monitoring will notify fire station before it is too late?
Damage to property is possible but usually insignificant. Smoke, CO, gas and heat detectors are required to notify fire station in time;
An alarm system that makes early notice of fire allows time to evacuate and/or stop the fire.
b) Reactive measures (insurance policy):
If there was no fire alarm monitoring in place, the fire truck would come almost always too late.
Insurance companies usually cover the loss of up to maximum allowed limits. The owner needs to have a proof of purchase and appropriate value estimates with the company. It would also cover repair of your and neighbours property.
To summarize: A monitored alarm system and an insurance policy should work together as one. The goal of alarm system is to prevent or send early alert of an incident. Insurance policies are designed to cover losses that could not be prevented. Combining the two, brings you piece of mind that you deserve.
