For instance, at the time I researched this article, Costco was selling a Ring Battery Doorbell bundled with an Indoor Cam for $209.99, and Best Buy had the same package on sale for $184.99 ($25 off). Reflecting their different business models, on Costco’s website only two video doorbells came up, the second as part of a Eufy security package. By contrast, on Best Buy’s site, 41 choices came up, featuring additional brands such as as Google Nest.
Wired vs. WiFi and smart home compatibility
Product specs are critical considerations when choosing a home security system, and one of the most important choices to make is whether you want to go with a wired solution—which has been around since day one in the home security industry—versus WiFi, whereby your products connect via your home’s wireless internet connection.
Wired home security systems run on electrical power, with footage from your camera transmitted to and stored on a central hub (either in the home or offsite) via an ethernet or coax cable. The pros of this solution include clear, reliable video and audio signals and constant power to the cameras. Cons are that the system components are fixed in place and require lengthy wiring, which, according to FJ Security, can cost $900 to $1,600 to install if you live in Ontario.
Wireless security solutions tied to your home’s WiFi are typically battery-powered, with video and audio either stored in an onboard micro SD card or shared with an onsite storage product or a cloud storage option. Advantages of this approach include relatively easy installation and connectivity with such smart-home platforms as Amazon Alexa, Google Home, Samsung Smart Things and Apple Home. Drawbacks include limited signal range (tied to how good a connection you get from your router) and batteries that need changing. However, there are exceptions for the latter, with companies like Eufy coming out with solar-powered outdoor video cameras.
Of course, smart home functionality opens up a range of opportunities, from controlling your home security devices via the platform you are using (as an alternative to the manufacturer’s app) to integrating these products with other smart home devices. For example, one potential automation would be to connect your home camera with your smart home lights so that, in the event of a break-in, the lights begin flashing.
From an insider’s perspective, Peterfi says, “Wireless is the most prevalent. It’s probably your quickest, easiest install.” And follow-up maintenance is minimal, as owners just need to stay on top of swapping in new batteries for products that use them.
Security system features and specs
Apart from weighing whether to go with a wired or wireless system or one that’s smart or analog, overall it’s important to wrap your head around which product specifications really matter vis-à-vis choosing a home security solution that gives you peace of mind. And certainly there are enough tech specs to make your head spin. Here are just a few to look for:
- Cost. An obvious one for MoneySense readers! It’s important to factor in the lifetime cost of setting up a security system in your home. Consider that you can purchase a single WiFi light bulb camera for as little as $17.70 or spend $50 per month for a solution tied to a contract that, over a three-year period, adds up to $2,400 before tax—and much more if you decide to continue using the service. Yet another cost consideration is that companies like Eufy, Ring and Arlo offer security bundles that could save you 20% to 35% compared to purchasing the products individually.
- Video quality. The clearer the picture, the easier it is to literally get a good picture of what’s going on. You can find security systems ranging from 1080p (pixels) to super-sharp 4K resolution.
- Night vision. Even though most home burglaries occur during the day, the fact remains that it’s harder to identify suspects at night. And cameras equipped with night vision using infrared technology essentially turn night into day in terms of the picture produced.
- Smart home compatibility. If you already use smart home gadgets, it may make sense to connect your security equipment to the same network.
- Product diversity. Today’s security solutions aren’t just about cameras—they include everything from door locks to doorbells to lighting to air quality sensors and smoke alarms.
Can installing a security system get you a discount on home insurance?
Yes, it can. An insurance discount isn’t the main reason for getting a home security system, of course, but it doesn’t hurt. The key detail, though, is that insurers only give discounts for centrally monitored home alarm systems.
“A monitored home alarm system can be a great addition to insuring the safety of your home and belongings,” says Matt Hands, VP of insurance at Ratehub.ca. (Both Ratehub.ca and MoneySense.ca are owned by Ratehub Inc.) “Not only can it help deter and prevent break-ins, but depending on your insurance provider it may entitle you to a discount of anywhere from 10% to 15% off your home insurance premium.”
Hands adds that not all insurers offer a home-alarm discount. “If an alarm is something you are considering installing and the discount is important to you, it’s best to shop the market to find the right insurance provider that fits your needs.”
—Jaclyn Law
In our home, functionality won out
After conducting our research and weighing the considerations outlined in this article, my wife and I decided to install a Eufy home security system made by Anker. What appealed to us was that, unlike the security company that charged the previous home owners $800 in annual fees, Eufy’s solution has no monthly cost, unless you opt for its cloud storage solution, which is USD$2.99 (no Canadian price provided) per camera.
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