A Guide to Getting a Home Insurance Discount for Security System Use
Did you know that investing in a reliable home security system does more than protect your home? It can also lead to significant savings on your home insurance premiums through a home insurance discount for security system coverage, potentially cutting your costs by up to 15 percent.
But how do you qualify for these discounts? Are your current security devices sufficient, or is it time to upgrade to a more comprehensive system that not only enhances your home’s safety, but also maximizes your insurance savings? Keep reading for everything you need to know about lowering your home insurance costs and protecting your property.
How Does a Security System Lower Home Insurance?
Insurance companies know that a residential security system lowers your chances of a home robbery, making it less likely you’ll have to file a claim. That means savings for them and savings for you.
How Much Can I Save With a Home Security System?
In general, Ontario homeowners can get a home insurance security system discount if your insurance provider offers them. However, these discounts vary depending on various factors, including:
- The type of security system they have installed
- The home location
- The home insurance provider
A home insurance discount for security system installation ranges from 2% to 15%. Discounts depend on how comprehensive the security system is and how likely it is to deter crime and keep your home safe.
For example, if your home is in an area with higher rates of burglary and there’s only a deadbolt installed on your front door, you’ll likely have a lower discount. On the other hand, if you have a complete home security system with cameras, 24/7 monitoring, alarm systems, and more, you’d likely get a 15% discount.
These factors make your home less likely to be burglarized, and show home insurance providers that there’s less risk covering you. Insurance providers will feel more confident in the safety of your home and offer you discounted rates.
These insurance providers and brokers offer a home insurance security system discount in Ontario:
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What Types of Products are Defined as Security Devices?
To get a discount on your home insurance premiums with a security system, your home insurance representative must see that your home has security measures that make the home safer. These usually include security systems at ground-level windows and doors with the following devices:
- Monitored cameras
- Central control panels
- Burglar alarm system
- Smart keypad locks
- Fire and environmental hazard alarms
- Video doorbell cameras with motion sensors and facial recognition
Maximize Savings on Your Home Insurance Premium
Not all home security systems are graded equally. The higher the level of protection, the higher the discount. This means a 24/7 professionally monitored security system connected to the authorities can receive the highest discounts.
Home Security Systems for Peace of Mind
The best approach to dangerous home events like burglaries or fires is to prevent them from happening in the first place. Reliable home security companies, like PasWord Protection, offer proactive solutions to monitor your home’s interior and exterior.
These home security systems should be customized to protect your home, family, pets, and property. Beyond home alarm systems, look for:
- Monitored Smoke Detectors
- Carbon Monoxide Detectors
- Propane/Natural Gas Detectors
- Flood Sensors and Freeze Sensors
Remotely Monitored Security Systems
Additional monitoring services add to the protection of your home even when you’re away. When a monitored alarm system is activated, security personnel can access your security cameras, assess the level of danger, and contact the authorities if necessary.
Investing in remote system monitoring allows you to stay connected to your home from anywhere, preventing damage to your property and giving you peace of mind. You can also benefit from a higher home insurance security system discount when you invest in a comprehensive home security system.
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Take Advantage of a Home Insurance Security System Discount With PasWord Protection
Now that you know you can get a substantial home insurance discount for security system use, don’t wait to protect your home. While the financial benefits are clear, the peace of mind that comes with knowing your home is secure is priceless.
PasWord Protection has over 60 years of experience keeping Ontario residents and their properties safe. Our residential security systems offer extensive functions, such as 24/7 monitoring by virtual guards, in-app access, and environmental hazard monitoring.
Contact us today to discuss how we can protect your home and save you money on home insurance premiums. You can rest assured your safety is in good hands.
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