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  3. How Smart Home Security Systems Can Lower Your Insurance Premiums
  • Home & Condo
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How Smart Home Security Systems Can Lower Your Insurance Premiums

Apr 4, 2025
6 min. read
Author:
John Shmuel
John Shmuel
Editor:
Jen Hart
Jennifer Hart
  • Home & Condo
  • home security
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home security

Did you know that Canada’s smart home security systems market is booming, with revenue expected to hit $4.7 billion in 2025? These systems include cameras, motion detectors, smart locks, and alarms that work together to protect your home. They connect to Wi-Fi and can be controlled through apps, allowing you to keep an eye on things from anywhere. Smart security devices aren’t just trendy; they’re making homes safer. Research shows that homes without smart security systems are 80% more likely to be targeted by burglars, and insurance companies are taking note. Many now offer home insurance discounts for smart security as an incentive for added security measures. It’s like getting rewarded for making your home smarter and safer!

How smart security can lower risks and insurance premiums  

If you’re wondering how to lower your home insurance premiums, investing in a smart home security system is a great place to start. Not only do these systems make your home safer, but they also offer convenience and can lead to significant insurance savings. Here’s how smart home technology can benefit you:

  • Increased home security: Smart home security systems are designed to prevent break-ins and protect your home against risks like fire and carbon monoxide poisoning. With 24/7 monitoring, their ability to detect and alert you to potential threats ensures your home is secure. 

  • Convenience: Smart home systems feature smartphone apps that allow you to monitor and control your security devices remotely. You can lock your doors, check your cameras, and operate other appliances at the touch of your fingertips.  

  • Lower insurance premiums: Smart home security systems reduce risks like theft and damage, making your home a safer investment for insurers. As a result, many companies offer discounts, often between 5% and 15%, for installing devices like cameras, motion detectors, or monitored alarms.  

To maximize your insurance savings, check with your provider about their requirements to ensure that you’re compliant. Some insurers may require specific devices or professional monitoring for you to qualify for discounts.  

Choosing the best smart home security system

Selecting the best smart security for your home is essential for maximizing your home insurance while ensuring your home is protected. Here are some key factors to consider when making your decision:

  • Insurance compatibility: Ensure the system you choose meets your insurance provider’s standards. Some insurers require specific features, such as professional monitoring or a certain level of system coverage to qualify for discounts.  
     
  • Comprehensive coverage: Look for systems that include cameras, alarms, and motion detectors for full protection. These features not only protect your home, but also align with what most insurers value.  

  • Monitoring services: Professional monitoring adds an extra layer of security by providing 24/7 oversight and immediate emergency response, which can further lower your insurance premiums. 

When choosing a home security system, prioritize trusted brands with good reviews to ensure reliability and performance. Also, look for systems that are simple to install and can integrate seamlessly with your existing smart devices. Don’t forget to factor in the monthly subscription fees for potential monitoring, especially since some systems offer cost-effective plans with robust features. Be sure to research your options so that you find a system that fits your needs and provides excellent value.  

Practical tips for maximizing insurance benefits

Maximizing insurance discounts with a smart home security system requires a proactive approach. Before adding new devices, consult with your insur​ance company​​er​ to confirm they’re eligible for discounts. This ensures you’re investing in features that bring both safety and savings. Here are some actionable tips for homeowners to ensure they qualify for savings. 

  1. Communicate with your insurer: Once you’ve chosen an eligible system and it has been installed, notify your insurance provider and share details about the devices you’ve installed, such as cameras, motion detectors, and professional monitoring services. This will ​confirm​​ensure​ your policy reflects the new safety measures. 
     
  2. Perform regular maintenance: To keep your system effective and your discounts intact, regular maintenance is essential. Ensure that cameras, sensors, and alarms are always operational. Replace batteries as needed and address technical issues promptly. A working system is critical for maintaining your insurance benefits and protecting your home.  

  1. Expand your system over time: Consider upgrading your security setup with additional devices, like water leak sensors or carbon monoxide detectors. These additions can enhance your home’s safety and may qualify you for further discounts as they help mitigate additional risks that insurers value.  

Additional financial perks of smart security systems

Smart home security systems offer more than just protection; they can also lead to long-term financial benefits that make them a smart investment for any homeowner. Beyond providing insurance benefits, here’s how these systems can save you money in the long run:

  1. Energy savings: Many smart home security systems integrate with other smart devices, such as thermostats, lighting, and appliances. These integrations allow you to automate energy usage, reducing waste and lowering utility bills. For example, you can schedule lights to turn off when no one is home or adjust your thermostat remotely to optimize heating and cooling. Over time, these small adjustments can lead to significant savings. 

  1. Preventing costly damages: Devices such as water leak sensors, smoke detectors, and carbon monoxide alarms can alert you to issues before they escalate into major problems. For instance, catching a small water leak early can save you thousands of dollars in potential water damage repairs. Similarly, early fire or gas leak detection can prevent serious losses, reducing repair costs and potential insurance claims.  

  1. Enhanced property resale value: Homes equipped with smart security systems often attract higher resale values. Buyers value the convenience, safety, and energy efficiency these systems provide, making your property more appealing on the market. A home with a state-of-the-art smart security system can stand out, potentially fetching a premium price compared to homes without one.

The bigger picture: Smart security equals smart saving

Smart home security systems are more than just a safety feature; they’re a pathway to financial savings and peace of mind. By reducing risks like theft and fire, these systems not only protect your home but can also unlock significant home security system insurance benefits, including lower premiums. Features like remote control and energy-saving integrations add even more value, while increasing your property’s resale appeal. 

Ready to take the next step? Start by exploring smart home security systems that fit your needs and budget. Consult your insurance provider to learn how these systems can help you save and ensure you’re eligible for discounts. A proactive investment in your home’s security and technology is a smart move toward a safer and more affordable future. 

Let’s get you covered. 

Learn more about home insurance or find the best insurance rates by starting a quote today. 

Find the best home insurance rates today.

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John Shmuel

John Shmuel

John is the Director of Content and SEO at Surex. He has a passion for taking complex financial topics and making them easy to understand for everyone. John is an experienced marketing leader, having led content teams at several insurance and finance-focused companies. John also regularly appears in the media as a financial expert, including making appearances in the Globe and Mail, CTV and CBC. He was formerly a business reporter at the National Post and is a graduate of the journalism program at Toronto Metropolitan University.

Jen Hart

Jennifer Hart

Jennifer has been the marketing specialist and content writer at Surex for four years. Before transitioning to insurance and marketing she built a journalism career in print and broadcast, freelancing for publications like Maclean’s Magazine and working in live production at Global News Toronto and CBC Toronto. As the industry evolved, she earned a Digital Media Marketing certification from George Brown College, allowing her to continue crafting compelling stories across digital platforms.
 

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