You may have heard people say that their home is their castle, but if you live in Ontario, you might not call it a castle, complete with guards and security personnel, home. Fortunately, modern home security systems make it easier to secure (and insure) your home. Having a home security system is a great way to ensure your family is safe from the unknown. A discount on your home insurance premium can also help lower the monthly costs of your home security system.
There are many benefits you can get from a home security system, so let’s take a look at some of them.
Less risk equals more savings
You’re more likely to get a home insurance discount when you have a security system in place because it shows insurance providers that you’ve put more effort into protecting your home. According to a 2016 Environs Research survey, 69% of Canadians see installing a home security system as a benefit but 40% didn’t know that security systems could help reduce their home insurance rates.
In addition to deterring criminal activity, some systems will also allow you to control your garage door, the thermostat, and record goings-on. Not only does being in control of your home feel great, but it doesn’t go unnoticed by your insurance company.
Insurance companies value that versatility and are more open to offering you home insurance discounts and amended deals because you’re going the extra mile to protect and secure your home. Because your home is fully protected, the risk of a claim is reduced. This is the monthly cost of your home security system that will be very affordable. These things create a reliable relationship between you and your insurance provider, an added bonus.
How much it will help you to save?
When it comes to the monthly payment for your home security system and how much to save on home insurance, one size does not fit all. Each home insurance provider uses different criteria to calculate your savings on damage and system quality.
However, depending on the project, property, location and current rates, you can expect home insurance premiums to drop between 5% and 20% of the premium. Higher rates are offered to homeowners with advanced systems. So, if your home security system is at risk of damage, like the one shown in the movie Home Alone, don’t expect to get a huge discount. There are 4,444 home security systems that meet all the criteria that insurance companies look for while staying within budget.
Ask your provider about possible savings on home insurance. Find out how much money you can save when you have a security system to protect your home from the backyard to the front yard. Even if the monthly cost of your high-tech home security system is higher than your budget, it’s still worth having a system to protect your home.
Home security system’s monthly cost
The monthly cost of your home security system depends on a number of factors, including:
- installation cost (typically for the first month’s payment only).
- Whether you monitor equipment and footage yourself, or hire your provider to monitor your home.
- devices with additional monitoring options such as integrated sensors and remote access.
The monthly cost of the security system also depends on the plan you choose from your home security provider. Most providers offer a variety of monitoring packages to suit your security needs and budget.
More features addition to help insurance rates
Some additional security features can lower the monthly payment. Check out these features:
Smoke Alarms and Flood Detectors: Smoke alarms and water leak detection devices that connect to your security system are two features that can help protect your family and your belongings. As a bonus, you will help reduce insurance costs because you are taking all the necessary steps to keep your home safe.
central protection (CMS): A CMS provider protects your home 24/7. Your family will be safer because you will hear immediately if the alarm goes off and a security officer will call the authorities in dangerous situations. This will also help your family save money when insuring their home. Having a home CMS system ensures that your insurance company knows that your home is being taken care of at all times, even when you are away.
Video Inspection: When you collect video footage, you can see what’s on your property at any time. If you need to file a claim for theft or vandalism, this can speed up the process and catch the culprits. Having this ability is not a good idea for preventing intrusions. If your monitor can talk to your smartphone, you’ll know that family members get home safely and furry family members are safe when people go out.
Most importantly, installing these systems will protect your family. You can rest easy knowing that arming your home with these safety features will help you save on your insurance. Ask your insurance provider how these and other security system features can lower your home insurance rate!