Evaluating Alarm Systems 2

Evaluating Alarm Systems Part2

Buying or Leasing: Who Owns Your Security System?

There are a variety of options out there for owning or leasing security equipment and features, as well as the monitoring programs that accompany them. For instance, some companies both sell and lease home security systems installed. Some companies also include the monitoring offered in the packaged program. Other companies only lease the equipment and require a 3 to 5 year lease and monitoring contract. And some companies only lease the equipment—CPU, keypads and sensors—but do not offer monthly monitoring.

Be aware that some leasing companies may offer a $99 per month special, or free installation, but they offer only a basic security system, or may not include that in the price at all. By the time you add all of the necessary equipment needed for adequate safety, your bill may be a great deal more than if you had chosen a comparable traditional installation package. The upfront cost of buying and installing the typical security system is usually higher, but there is no monthly charge beyond the optional 24 hour monitoring service.

When a company sells you the equipment for a security system outright, you own it forever. Once the warranty expires, you’ll have to pay for any service or maintenance required. However, if the system works just fine but you become dissatisfied with the monitoring service, you can easily change companies without having to replace all of the hardware. Should you decide to purchase your security system, insist on standard equipment that is accessible and compatible with other companies. You will be grateful you did if you choose to change it in the future.

Leased systems remain the property of the security company. Your monthly bill typically combines the fees for leasing the equipment and the 24 hour monitoring. If you cancel the service, you will have to give back the hardware. They may offer removal of the security system, or you may have to pay for it to be done. Security lease and monitoring contracts vary widely from company to company. Some allow you to cancel at anytime—without a fee— while others may obligate you to pay the remainder of the contract immediately. Some companies charge for servicing leased systems, some do not. Be sure to read any security contracts through carefully and understand all the terms and restrictions before you sign any paperwork.