Voice Over Internet Protocol is becoming more and more popular, primarily because it is usually cheaper than traditional phone service (POTS). If you have an alarm system, there is a chance that your alarm panel can not communicate over VOIP, this is particularly true if you have a third party VOIP provider like Vonage. If you receive your VOIP service directly from the cable company or phone company (Not over DSL), there is a good chance that it will work.
You should, however, be aware that a power outage will stop your modem from working, and the alarm panel can not dial out. The alarm system has a back up battery. At the very least, you should have a UPS (back up battery) that the modem is plugged into. This will work for short periods but not for long outages.
If you switch to VOIP, you should contact your alarm company in advance so they can best direct you how to test your system and determine if any phone wiring is required.
Once VOIP is active, you should test your system with the central station and then test your system regularly.