I currently have homeowners (and auto) insurance through Progressive, and we’re planning to install a home security system mainly to deter package thieves, but also to monitor our toddler in place of a traditional baby monitor. Has anyone had experience getting a discount on their home insurance with Progressive by using a particular security system? Or do they require certain features, like 24/7 monitoring, to qualify? Thanks in advance!
Each insurance company has its own requirements. It might be best to call Progressive directly and ask what they specifically look for in a home security system to qualify for a discount.
Usually, it’s a monitored burglar alarm system that qualifies, which can cost between $25 to $80 per month. The savings you get from the insurance company are often minimal in comparison. Speaking from experience in South Florida, where homeowners policies can run around $8,000 a year, the discount feels like peanuts, haha. But it’s still worth calling and asking an agent directly for details.
It really depends on the company. Some will have specific requirements, while others might simply ask if you have coverage. It’s best to reach out to your insurance provider to find out exactly what they need, and then request a system certificate from your alarm company to prove that you’ve met those requirements.
In my 25 years of experience, whenever an insurance company requests certification that a customer has a security system, they typically only care about two things:
- Are there multiple monitored smoke detectors that trigger an alarm 24/7?
- Is the system monitored by a central station 24/7?
This has always made sense to me because, while a burglary can cause significant damage, it’s rarely as costly as a fire that spreads to the structural frame of your house.
It has to be monitored by a professional company