Personal Finance

Home Insurance discount for security system

  • Last Updated:
  • Aug 3rd, 2020 10:23 pm
Jr. Member
Nov 20, 2007
117 posts
39 upvotes
Toronto

Home Insurance discount for security system

Has anyone here found an affordable way to get the discounts offered by insurance companies for a security system? I'm with Personal Group and they offered 5% for a self-monitored security system and 10% for a monitored security / fire system.

I was thinking about getting a cheap self-monitored system but I was a little surprised to see the prices ($200+) and they also look like a huge hassle to set up. Doesn't seem worth it if the primary purpose is to get a discount.
I called to ask what qualifies as a security system - like could I just put in a camera somewhere? They said there were no specifics as to what qualified as a system.

Anyone have any experience with this? I'm trying to find a way to lower my premium as my rate is going up 25% this year! (and my quick price comparisons online have found it would be even more to go with another provider). Never had a claim or an issue but I guess rates are going up everywhere....
15 replies
Jr. Member
Oct 6, 2015
150 posts
71 upvotes
Toronto, ON
I found out that home insurance premium is actually negotiable, just call and say you are not renewing, magically a discount will become available.
Jr. Member
Nov 20, 2007
117 posts
39 upvotes
Toronto
Oh really? I hadn't even considered that. I will give it a shot.
Deal Expert
Aug 22, 2011
41802 posts
30056 upvotes
Center of Universe
I have Ring Alarm (24/7 monitoring), which costs USD $100/year (hardware costs separate)
With that being said, it only got me an a $10 monthly discount on my home insurance.
Deal Expert
Aug 22, 2011
41802 posts
30056 upvotes
Center of Universe
fitzy7 wrote: Oh really? I hadn't even considered that. I will give it a shot.
YMMV (nearly impossible)...this is the insurance industry we're talking about.
I'm on my 5th insurer in less than a decade and none batted an eye when I left.
Jr. Member
Nov 20, 2007
117 posts
39 upvotes
Toronto
Yes I am currently on the phone attempting it, and it doesn't sound like its going to end in my favour haha
Jr. Member
Oct 6, 2015
150 posts
71 upvotes
Toronto, ON
Sorry to hear if it didn't work in your favour, it was free to try anyway. :)
Sr. Member
Mar 21, 2019
746 posts
729 upvotes
I get a whole $55 annual discount off my home insurance for a monitored burglar and fire system.
The monthly fee with an installed basic system, including monitoring and mobile app control is $40 a month.
So in my opinion, it will never make sense from a financial perspective (saving on home insurance), as your monthly fee will equal 10x your savings at the end of each year.
Deal Fanatic
Oct 7, 2007
9404 posts
5374 upvotes
I asked my insurance provider (TDMM) what kind of discount I get for my security alarm and I think they said it was $7 for the entire year. I asked them to take the discount off and charge me the extra $7 because I don't always set the alarm and I don't want to lose my coverage if the one time I get broken into I didn't actually have it on and for $7 I invalidated my coverage. They still left it on but it might be something to think about if you don't always set your alarm EVERY SINGLE TIME you leave your home.
Deal Addict
User avatar
Jan 19, 2007
1451 posts
811 upvotes
Torontario
xxgosokxx wrote: I found out that home insurance premium is actually negotiable, just call and say you are not renewing, magically a discount will become available.
Willing to share with whom as insurer?

The game with the big insurers is bundling products (home, auto, etc.) and not from jumping from one insurer to next.
But may be I am wrong.
Deal Addict
Apr 19, 2010
3071 posts
1585 upvotes
We have a wired and monitored (24/7) home security system.

We get a 10% discount on the insurance premium for our home.

Paid around $1,600 back in 2010 for the system and it is $21/month for monitoring.

I will tell you this: Don't get a home alarm due to trying to save home insurance costs....you will never recoup the capital investment.

We got it for peace of mind and safety, especially that we have kids now.

Sometimes....that is more important.
Sr. Member
Mar 21, 2019
746 posts
729 upvotes
kanewtz wrote: I will tell you this: Don't get a home alarm due to trying to save home insurance costs....you will never recoup the capital investment.
This exactly
Deal Expert
Aug 22, 2011
41802 posts
30056 upvotes
Center of Universe
kanewtz wrote: We have a wired and monitored (24/7) home security system.

We get a 10% discount on the insurance premium for our home.

Paid around $1,600 back in 2010 for the system and it is $21/month for monitoring.

I will tell you this: Don't get a home alarm due to trying to save home insurance costs....you will never recoup the capital investment.

We got it for peace of mind and safety, especially that we have kids now.

Sometimes....that is more important.
Agreed, but mine will be paid off in 3yrs, with the 15% discount I'm receiving.
Deal Fanatic
Oct 7, 2007
9404 posts
5374 upvotes
masterman wrote: This exactly
100% agree. The sound the alarm makes when it goes enough is scary enough to deter potential intruders.
Jr. Member
Nov 20, 2007
117 posts
39 upvotes
Toronto
In case anyone reads this thread - its 2020 and they just raised my rates again by a lot. I called in and they asked if I had Nest protect (smoke alarm). Yes... I've had it for years. So I could have been getting a discount the entire time. Not sure why I didn't think about that last year when I posted this!

Only $33 a year but its better than nothing.
Deal Addict
Jul 22, 2019
2812 posts
3878 upvotes
choclover wrote: I asked my insurance provider (TDMM) what kind of discount I get for my security alarm and I think they said it was $7 for the entire year. I asked them to take the discount off and charge me the extra $7 because I don't always set the alarm and I don't want to lose my coverage if the one time I get broken into I didn't actually have it on and for $7 I invalidated my coverage. They still left it on but it might be something to think about if you don't always set your alarm EVERY SINGLE TIME you leave your home.
+1

With TDMM, and I laughed when they said I save like $10 for having a home alarm system, whether self-monitored or central-monitored. Totally not worth it.

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