Real Estate

Cheapest home security that offers certificates for discounted home insurance?

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  • Oct 27th, 2020 2:08 am
[OP]
Member
Jan 3, 2008
243 posts
24 upvotes
Victoria

Cheapest home security that offers certificates for discounted home insurance?

Hi all, this seems like kind of a weird place to post this question but I'm not sure there's a better fit, so where we go. We're first time home buyers and I'm going through all the information for our home insurance. It looks like if we have a home security system we receive a discount on our insurance. I'm not sure how much of a discount yet, but it does mention a certificate is required.

Do any of you have experience setting up home security in order to get a discount on your insurance? If so, what are the cheapest options out there that do issue a certificate?

I was simply planning to buy basic smart devices and install and monitor them myself, but if the extra cost in working with a company is sufficiently offset by an insurance discount I'll gladly consider it.

Any thoughts?
2 replies
Deal Fanatic
Oct 7, 2007
7622 posts
3690 upvotes
A couple of things to keep in mind on this.

1. We have a home security system and our insurance company always told us that we got a "discount" because we have it.
2. They never itemized how much of a discount but when I inquired, I was told it was $7. Yes, only $7.
3. When I learned it was $7, I asked them to remove the discount because, if for some reason, the security system is not alarmed at the time of a break-in, I don't want my $7 savings to nullify my insurance. I would rather just pay the $7 and have the non-discounted coverage and remove any ability the insurance company would otherwise have to get out of honouring any insurance claim.

In summary, I think a home security system is a good idea although if you live in Victoria, you probably don't need one. But, if you decide to get one, do it for you and get one that you like. I don't know if it is worth it if you are trying to get it for the discount. Today, with technology there are a lot of great options out there if you don't mind using wireless in your home (I am a bit of a health geek and don't like too much wireless radiation around me). Some of these wireless options you can even install yourself in less than an hour. At least, that's what the commercial says.
[OP]
Member
Jan 3, 2008
243 posts
24 upvotes
Victoria
choclover wrote: A couple of things to keep in mind on this.

1. We have a home security system and our insurance company always told us that we got a "discount" because we have it.
2. They never itemized how much of a discount but when I inquired, I was told it was $7. Yes, only $7.
3. When I learned it was $7, I asked them to remove the discount because, if for some reason, the security system is not alarmed at the time of a break-in, I don't want my $7 savings to nullify my insurance. I would rather just pay the $7 and have the non-discounted coverage and remove any ability the insurance company would otherwise have to get out of honouring any insurance claim.

In summary, I think a home security system is a good idea although if you live in Victoria, you probably don't need one. But, if you decide to get one, do it for you and get one that you like. I don't know if it is worth it if you are trying to get it for the discount. Today, with technology there are a lot of great options out there if you don't mind using wireless in your home (I am a bit of a health geek and don't like too much wireless radiation around me). Some of these wireless options you can even install yourself in less than an hour. At least, that's what the commercial says.
Thanks - great to know! And jeez, that's a comical discount. I'm going to pursue detailed information from our insurer. I know Telus offers a relatively affordable option, but not if the discount is that trivial. If that's the case, I'll definitely do as you described and install smart devices.

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