A glance at home security features that will get you insurance discounts


So you've just moved into a home and you're thinking safety. You may wish to add deadbolts for your doors to give you reassurance. Or you're mulling a new home security system. The good thing is that adding safety to your house may also save you money.

Many property insurance companies offer discounts for the installation of certain security devices. It doesn't necessarily gaurentee you will get a discount – every insurer differs, so you will need to ask whether you're eligible.

But adding security is a great method for saving in your monthly insurance bill. Especially as we have seen a trend of rising home insurance rates in recent years.

Now, here's a look at some security features that may get you a discount.

Water damage prevention discounts

Flooding has turned into a serious threat for Canadian homeowners. Climate change has resulted in larger storms in lots of areas of the country, which bring more rain in a shorter period of time compared to what they have in the past. The insurance coverage Bureau of Canada estimates that the average cost to repair a flooded basement clocks in at $43,000.

One way to assist in preventing water damage and mold and reduce insurance coverage is water damage prevention devices, according to Economical Insurance. Devices that you could install that could be entitled to an insurance coverage discount include sump pumps or backflow valves.

Security alarm discounts

Installing an alarm system in your house offers immediate security, but there are plenty of various systems out there to select from. Some have high upfront costs (for example, installing hi-def cameras around your property can run you north of $1,000), while some are subscription-based that need monthly payment.

Not all security systems can get you a home insurance discount. And discounts will vary based on what your security system can perform. For example, a state of the art system that may alert authorities could get a higher discount than a simple camera recording your door. Based on security expert Frank Fourchalk, security discounts can save you anywhere from 5% to 20% on your property insurance.

Smoke and water leak detection

Adding smoke and water detection for your central security alarm can net you much more of a price reduction. Flood sensors can be put in areas for example basements or near major appliances that may potentially start leaking, setting off your home security system and alerting you to the presence of water before major damage occurs.

The same applies to smoke detection. You can buy specialized smoke detectors that may be connected to your security system, allowing you and your security company to become alerted before a fireplace destroys your house if you aren't home.

Smart locks

Smart locks permit you to open you without a key. Different types offer different features, but the most typical smart locks allow yout to unlock your door either via bluetooth or Wi-Fi. Forget about fumbling with groceries and seeking to obtain your keys from your pocket.

This is definitely an emerging space home based insurance discounts and one to watch in the future. At this time, there are only a few insurance providers that offer discounts for smart locks. We aren't aware of any Canadian firms that do that yet, but Liberty Mutual Insurance in the U.S. currently provides a discount. We expect Canadian insurers will likely follow soon.