Do Home Security Systems Get You a Discount on Insurance?

If you own a home in Canada, installing a home security system can do more than just protect your space; it can also help you save on home insurance. Insurers often reward lower-risk homes with discounts, especially when you have features like 24/7 professionally monitored cameras. 

Having the right home security setup can give you peace of mind and potentially lower your premiums by up to 20%. In this blog, you’ll learn how home security systems can make you eligible for discounts, what features qualify, and four of the best security systems available in Canada. 

Key takeaways

A home security system can help you save on insurance while making your home safer. Professionally monitored systems are more likely to qualify for discounts, especially those with features like cameras, alarms, and smart sensors for fire or water leaks. Savings typically range from 5% to 20%, but not all systems qualify, so check with your insurer before you install.

Home security systems can qualify you for an insurance discount

Security systems can make you eligible for a home insurance discount, as they lower the overall risk of your property. They reduce the chance of theft, vandalism, and break-ins, so insurance companies see your home as less risky to insure. 

Professionally monitored systems, in particular, are most likely to be rewarded with a discount as they typically lead to faster emergency response times, helping limit damage in the event of a fire, break-in, or other incident. 

Discounts depend on the type of security system installed

In general, professionally monitored alarm systems are more likely to qualify for insurance discounts, as they offer faster response times and can help reduce the severity of a claim if something goes wrong. Systems that automatically alert emergency services can also make a big difference in preventing or limiting damage.

“Most insurers are looking for professionally monitored systems or specific features like fire and water detection, so it’s important to check the requirements before you install,” explains Channelle Cote, AMF- and RIBO-licensed broker at YouSet. “You’ll also likely need proof of installation, like a certificate from your monitoring company.”

Self-monitored systems, on the other hand, are less likely to be eligible for significant discounts. Since they rely on you to notice and respond to alerts, there’s a higher chance of delays, which can lead to more damage and higher claim costs. 

How much you’ll save depends on your insurer, but discounts typically range from 5% to 20%. Before installing a system, it’s a good idea to check with your insurance broker, as they can let you know which types of systems qualify for a discount. 

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What to check before you buy a home security system 

Installation type, equipment setup, and compatibility with existing systems 

Decide whether you want a DIY system or a professional installation. DIY setups are usually more affordable and flexible, while professionally monitored systems are more seamless and often preferred by insurers. If you have an existing setup, check how the system integrates with your smart locks, thermostats, or cameras. 

Monthly or annual subscription fees 

Beyond the upfront cost, many security systems come with ongoing subscription fees for monitoring or advanced features. If the system is professionally monitored, take some time to understand the contract length, cancellation terms, and ongoing fees. Self-monitored systems, on the other hand, typically have only a one-time setup fee but may require more attention via a mobile app. 

Eligibility requirements for insurance discounts

Not all security systems qualify for insurance discounts, so it’s important to know what your insurer looks for. Many require professional monitoring, and some prefer specific features like fire or water leak detection. You may also need to provide proof of installation to receive the discount. 

Features

Home security systems offer a range of features, from basic alarms to fully integrated smart home setups. Think about what matters most to you, whether that’s cameras, motion sensors, or smoke and CO2 monitoring. The right mix of features can enhance your home’s safety and increase your eligibility for insurance discounts. 

Home security systems available in Canada with professional monitoring 

If you’re looking to qualify for an insurance discount, here are some of the best options in Canada with professional monitoring features: 

• Ring Alarm 
• Ooma Smart Security
• Abode Pro Plan 
• TELUS SmartHome Security

Ring Alarm (AI Pro)

Best known for its smart doorbells, Ring also offers a full home security system with optional professional monitoring that gives you 24/7 support and emergency response. With the AI Pro plan (around $29.99/month), Ring provides professional monitoring that can dispatch emergency responders if a break-in or other emergency is detected by your system. 

• Availability: Available in Canada (not in Quebec)
• Installation: Beginner-friendly, DIY setup with minimal drilling
• Equipment cost: Ring alarm system (~$200 to $350), Ring indoor camera (~$50 to $80 each)
• Professional monitoring: Included with the AI Pro Plan ($29.99 per month)

Ooma Smart Security

Ooma is a flexible system that lets you build your setup based on your needs, but one of the biggest advantages is its Pro Secure plan, which includes professional monitoring. This means your system can automatically alert emergency services, even if you’re unable to respond. 

• Availability: Available in Canada (not in Quebec)
• Installation: DIY friendly and quick to set up
• Equipment cost: $34.99 for cheapest (garage door sensor) to $399 for the 11-sensor starter pack 
• Professional monitoring: Included with the Pro Secure Plan ($19.99 a month) 

Abode Security System

Abode is a smart home system that offers 24/7 professional monitoring through the Pro plan. Its features include real-time alerts and integration with platforms like Alexa and Google Home, and it is a strong option if you want a connected system that can actively respond to emergencies. 

• Availability: Available in Canada (professional monitoring not offered in Quebec)
• Installation: Easy DIY setup
• Equipment cost: Basic security kit starts at $65; advanced all-in-one kit around $200; individual add-ons from $29.99
• Professional monitoring: Included with Pro Plan ($239.99 yearly) 

TELUS SmartHome Security

TELUS SmartHome Security is a more traditional, professionally installed and monitored system, often the type insurers favour most. With 24/7 monitoring, smart home integration, and alerts to issues like break-ins, leaks, and smoke, it’s designed to protect your entire home. 

• Availability: Available Canada-wide
• Installation: Professional installation available (and sometimes required)
• Equipment cost: Included in packages
• Professional monitoring: From $53 a month