How Much Is a Home Security System? Crunching the Numbers

In 2020, just under a million people in the U.S fell victim to burglary. Thankfully, that number has been decreasing year by year. No one wants to think that break-ins can happen to them. Unfortunately, a burglary happens about every 30 seconds in the United States, which means it’s very possible that you could experience one.

Despite all the proven benefits of a home security system–including deterring thieves by 300%–about half of Americans don’t have one. Why? Cove’s recent 2023 Home Security Trends Report found that 51 percent of respondents don’t have a home security system because they think they are “too expensive.”

The thing is, the average cost to the victim of a burglary is around $2,000–2,600, which can include damage to the home as well as lost property. That’s a pretty big price tag, not to mention feeling unsafe after a break in. The important question to consider is this: are home security systems really as costly as people think? In this article, we’ll take a look at all the fees associated with purchasing and using a home security system so you can make an informed decision.

Basic Security Equipment

First things first. You can’t have a home security system without equipment. What’s included? Basic systems typically include door and window sensors, a control panel, cameras, and more. It’s hard to give an across-the-board estimate of equipment costs, though, because everyone’s needs are different. That means the type of equipment and the number of pieces will vary widely from person to person.

For example, a 3,000-square-foot, 2-story home with 3 exterior doors, 6 first-floor windows, and a large outdoor area, etc., will need more equipment than a small apartment. That’s why Cove offers a quiz, so people can quickly see how much equipment they might need, with the option to add or remove equipment as they prefer.

All that said, when looking at averages across the country and in all different households, the price point for entry-level systems can range from a couple hundred to over a thousand dollars. Cost also depends on the brands/quality of the equipment as well. Since there are so many security systems out there, it’s worthwhile to compare companies and equipment, not only the actual cost but reviews from customers who have been using the equipment.

• Cove Equipment: $200-400+
• Other Companies: $200-1,000+

Installation Costs

Installation costs can significantly impact the total expense of a home security system. DIY (Do It Yourself) systems cost $0 to install, as homeowners can set up the system on their own. Professionally installed systems, on the other hand, might incur additional fees for labor and expertise, ranging from $100 to $500 or more. Always check with the company you are considering for typical installation costs.

• Cove DIY Installation: $0
• Other Companies: $0-500

Monitoring Services

Many home security systems offer professional monitoring services, where a dedicated team monitors your system 24/7. This service ensures that emergency services are promptly dispatched in case of a security breach.

When looking at monitoring services, be sure to take into consideration response times and customer service ratings. When you have an emergency, you want the assurance that you will get the help you need. Cove uses RapidSOS technology, which is connected directly to dispatchers and gets emergency personnel to your home 3-4 minutes faster. Cove also has one of the highest-rated customer service teams in the industry.

RELATED: Home Invasion Statistics You Need to Know

The cost of monitoring services typically adds a monthly fee to the overall expense, ranging from $20 to $50 or more per month, depending on the level of monitoring and additional features. Cove offers two monitoring plans, both costing less than $1/day. One perk of using Cove’s Plus monitoring plan is the $5 equipment credit, so you can accrue funds to add more cameras or sensors to your system, while keeping the monitoring system the same.

• Cove Monitoring: $18.99 Cove Basic, $27.99 Cove Plus
• Other Companies: $20-50+ per month

Contract Terms

Some security system providers offer their services through contracts that require a commitment of one to three years. While these contracts may reduce upfront costs, homeowners should be aware of potential cancellation fees and the long-term financial commitment involved. Rate hikes may also come into play in the duration. Always read the fine print when looking at possibly signing a contract.

To make home security as affordable as possible, Cove never has contracts for its monitoring services. That makes it easy to cancel anytime without additional charges.

• Cove’s Contract Fees: Not applicable
• Other Companies: Depends on terms

How Much Is a Home Security System?

When you crunch all the numbers, we hope you find that a home security system isn’t as expensive as you might think. Cove started as a DIY home security company focused on helping everyone feel safe. That’s why we offer easy DIY installation, keep equipment and monitoring prices low, and we don’t have contracts.

Total Cost of a Cove System:

• Equipment: $200-400+
• Installation: $0
• Monitoring: $17.99 Cove Basic, or $27.99 Cove Plus
• Contract Fees: Not applicable

Total Cost of Other Companies:

• Equipment: $200-1,000+
• Installation: $0-500
• Monitoring: $20-50+ per month
• Contract Fees: Depends on terms

Ultimately, homeowners must determine whether a home security system is right for them. The average cost of a break-in (around $2,000–2,600) greatly exceeds the cost of a home security system. Plus, there is no price tag on peace of mind.

When shopping around for a home security system, consider all the upfront costs, such as equipment, but also be on the lookout for hidden costs. A home security system includes sensors and cameras that alert the monitoring team of danger, keeping you and your family safe. In the end, a home security system is a wise investment that is well worth the cost.