A security system for your home provides you with numerous benefits, most importantly the protection of your family, anyone else who lives under your roof and your belongings that are there. But how is having a security system for your home a risk management strategy? We will explain.
What is risk management?
Risk management involves the identifying and assessing of potential risks and then responding to those in a manner that eliminates or mitigates the damage that would have been done had they been left unimpeded instead.
It is important to note that risk management should have a dual focus, as a deterrent and as a response mechanism. Whenever possible, any potential risks should be prevented from being realized in the first place. However, if the prevention of a threat is not possible, the response should be effective. Another way to look at it is that the deterrent should not be a bluff, and the bite should be as powerful as the bark.
What is risk management as it relates to homeownership?
Having a security system for your home is a perfect example of a risk management strategy that homeowners can utilize to protect their property and those in it. That is because a good one will identify, assess and eliminate or mitigate threats to your home – i.e. keep the overall risks of homeownership as low as possible.
Identifying a risk
A home security system will identify risks through a number of methods. Examples include the use of cameras, sensors and alarm panels. As a result, dangers such as unknown people, fires and high carbon monoxide levels can be noted.
Assessing a risk
Of course, some risks are much more serious than others. For example, an unknown person being a UPS driver who is dropping off an expected package for you is a minimal risk as contrasted with three individuals who are wearing masks and carrying weapons. Related to that, an up-to-date security system will have the ability to distinguish between movements that are expected or are otherwise not a danger as opposed to those that may be; AI oftentimes assists with this.
As for assessing a risk, another example is the contrast of a toilet periodically overflowing some when flushed as opposed to a bathtub that is overflowing with running water continuing to go into it and no one around to shut it off.
Mitigating a risk
A quality home security system will mitigate noticed risks to the best of its ability. For example, if there are intruders, it might turn on numerous lights and sound security alarms, such as audible ones that the would-be robbers would hear and silent ones that would inform the authorities about what is happening. In the case of running water potentially flooding a home, it would either turn it off or inform you about it.
In addition, the best security systems help reduce financial risk in two main ways. One is that insurance companies will generally lower their rates once they know that you are being protected in this manner. Another is through these quality security systems directly eliminating or mitigating any losses that you may experience through theft, property damage or otherwise.
Examples of ways that risk can be mitigated that are unrelated to a security system include placing a fire extinguisher on every floor of your home and having an emergency escape plan designed and communicated prior to any emergency occurring so that enacting it is instinctual.
Importance of deterrence
Yes, it is true that if someone is determined to break into your home, they will probably attempt to do so regardless of what security system you have in place. However, if you are using one that provides significant and visible deterrents, that will dissuade the vast majority of would-be robbers from your home as they will move on and search for an easier target.
A common example of a deterrent in this type of situation is the visible placement of security cameras as individuals who believe that their presence is being recorded are going to be much less likely to commit a crime.
Importance of a response mechanism
You should ensure that any home security systems that you are considering also have solid response mechanisms. In other words, security cameras that you have set up as a deterrent should actually work and record any dangerous activity that is within its range. That way, if something happens despite the intended deterrence, you would then have evidence to help identify the culprits and mitigate the damage suffered.
Home risk management: window and doors
Taking advantage of the protection that is provided by home alarm companies is an important way to remove and mitigate risk related to your home. However, it is not the only thing that you can do to protect yourself, those who live with you and your belongings. For example, also identify your home’s weak points, such as your windows and doors, to ensure that this security system works as effectively as possible.
Windows on the first floor are a weak point solely because of their location. This issue is compounded if they are old and have deteriorated in quality or are not locked.
As for doors, again, those on the first floor are definite weak points. Also be concerned about ones that are not constructed well, were made a long time ago, have weak locks or are sliding glass doors.
In addition, keep in mind that potential intruders will likely seek out entrance points that are not viewable from the street or lit up in any manner, so doors and windows in those areas or circumstances should be a concern and addressed.
In any case, ensure that all of your doors and windows that are on the ground floor are in view of your cameras and that those cameras are visible enough to anyone who is outside of your home to serve as a deterrent.
Emotional impact of a solid risk management strategy
Of course, many focus on how much money is saved when a solid risk management strategy is utilized, whether that is in relation to a home or for a business or another reason. That is, of course, a valid focus. However, also connected with a smart risk management strategy is its positive emotional impact.
Consider this. Property loss that could occur from a burglary or issues such as the flooding of a house can be quite significant. And that is on top of the more incremental costs of doing things like keeping your air conditioning on too high of a setting for long periods of time when nobody is home. In either case, reducing or eliminating those financial losses will most likely result in emotional relief.
And there is the stress, anxiety and depression that can occur if you have been robbed with numerous items stolen that have strong sentimental value to you. The same types of emotions can be experienced if you had a poor security system that did not detect a fire that ended up burning down your entire house.
A home security system, depending on its quality and thoroughness, can be a solid risk management strategy that will provide you with a greater peace of mind and reduced financial costs. More to the point, a quality system will allow you to identify, assess and mitigate a wide variety of risks, mitigation potentially including notifying you or the authorities if the risk is significant so that it can be addressed.
