Smart Devices Boost Home Insurance Savings, Survey Reveals
Technology has advanced to the point where we can now automate and connect various devices in our homes. From smart speakers to thermostats to security systems, homes are becoming “smarter” through the Internet of Things.
A recent survey shows that using these new devices could end up boosting your home insurance savings. Here, you will learn how leveraging clever smart home devices can help protect your property while reducing insurance premiums.
The Increasing Use of Smart Home Technology
Smart home devices like voice assistants, automated lighting, security cameras, and more are rapidly gaining popularity around the world. One report projects global revenue from these gadgets could reach $231.6 billion by 2028 as they become commonplace in many homes.
These convenient devices aim to simplify daily household tasks like temperature control, plant watering, and vacuuming. Some also promise increased safety by detecting leaks, smoke, or other hazards and quickly informing homeowners. Certain smart products help households be more energy efficient and sustainable as well. With all these practical features, it makes sense that homes are being upgraded with high-tech systems at a rapid pace.
Read More: How to Finance Smart Home Technologies
Survey Findings On Smart Devices And Home Insurance Savings
Smart home tech could score you a nice little discount on your home insurance. Research shows households with souped-up security systems see fewer break-ins and damaging incidents like fires or pipe leaks.
With fewer claims to pay out, insurers love this sort of tech, too. That’s why many offer premium reductions – we’re talking around 20% lower rates – for policyholders who install monitored safety devices and smart security packages.
Why Insurers Offer Discounts For Smart Homes
Given the impressive effectiveness figures smart devices boast, insurance carriers are Incentivizing their adoption through premium discounts. After all, technology that reduces clients’ risk of loss is a win for both policyholders and providers.
Take water leak detection tech, for instance – systems equipped with smart sensors to immediately alert homeowners the moment they sense moisture can prevent what might have otherwise been a huge water damage claim. Even a relatively minor leak catching carpets or walls can cost thousands without quick intervention. By notifying families immediately no matter where they are, leak detectors can convert a potential insurance nightmare into a non-issue.
Security setups with surveillance cameras, motion detection alerts, and professional monitoring work similarly – deterring break-ins that might have resulted in high-dollar theft claims. Some systems will even sound audible alarms during intrusions, signaling criminals to exit stage left! Climate monitors keep conditions ideal to avoid burst pipes from extreme cold as well. When policyholders incorporate devices reducing hazards this way, carriers reward the lower risk with reduced rates.
How To Leverage Smart Devices For Insurance Savings
Want to outfit your home with tech and start saving, too? First, scan your insurance policy for any smart home discounts already listed, then call your provider to discuss eligibility requirements. Many top insurers now include stipulations accommodating modern tech. Ask specifically what devices or whole-home setups qualify – common options range from leak sensors, smoke detectors and security packages to automated lighting and thermostats.
Also, inquire about potential savings for simply having a smart home compatible with broader integrated setups down the road. Some insurers reduce premiums for homes “future-ready” with smart hubs or hardware able to sync with add-on gizmos later as residents’ budgets, interests or need change. Know, too, that discounts often vary based on exactly which devices you adopt – simpler water/temperature monitors may slash less than elaborate security systems, for example.
Finally, once installed, inform your insurance carrier your new smart home tech is up and running. Provide model details if requested so they can enter the data and initiate discounts. Then relax and enjoy both the practical perks and financial savings your savvy gadgets will start delivering.
With smart home adoption booming, innovative devices are not only transforming modern households – they’re disrupting the insurance sector, too. As illustrated by Nationwide’s 2023 survey, tech-savvy homeowners who incorporate smart systems are seeing significant premium decreases thanks to built-in risk protections lowering carriers’ payout projections.
By deterring leaks, break-ins, and other damaging incidents, devices can provide peace of mind and fatten wallets. So if convenience and sustainability motivate you, let potential insurance savings sweeten the smart home deal further.
Considering joining the tech movement yourself? Reach out to providers about eligibility and start sleuthing out those policy discounts today.