02 Feb Smart Home Products That May Save You Money on Your Home Insurance
How smart home technology can help you save money on your home insurance
The global smart home technology market was forecasted to reach a whopping $40 million valuation last year. And it’s really no surprise.
Smart home technology, like video doorbells, smart locks, and smart thermostats, is widely available at almost every local hardware store, because it has proven useful to the modern-day property owner.
Today, 57% of Americans say that having smart products in their home saves them at least 30 minutes a day. Cumulatively, that’s about a week and a half of newfound time per year. But time isn’t the only thing you’ll be collecting when you invest in smart tech for your home.
These products can provide extra peace of mind and protection, with their convenient monitoring and security capabilities. They turn panic-inducing moments like forgetting to lock the doors, turn down the thermostat, or initiate your video surveillance into things of the past. Instead, smart home tech allows you to complete these tasks with nothing more than your index finger, a smartphone, and an internet connection.
With more time on your hands, less energy waste, and increased security for your family, you may be thinking this is as good as it gets for smart home technology. However, many smart home systems today can also save you money on your yearly home insurance premium.
The McClure Insurance Agency, Inc. team put together a list of popular smart home gadgets for today’s tech-loving homeowner. When installed, not only can they beef up the safety and security of your home and personal belongings, they may also save you some money on your homeowners insurance costs.
Smart Water Leak Detector with Automatic Shutoff.
Often found in your basement by the water heater, underneath pipes, or near the dishwasher or washing machine, this device senses moisture and, in some models, water pressure and flow rate, to detect even the smallest leak. Not only can one of these detectors save up to 10,000 gallons of water waste due to unchecked leaks, they can also potentially save you some coin on your home insurance premium. Water leaks are one of the leading causes of home insurance claims today, which is why many of the top insurance carriers offer a cost-saving discount when a water leak detector is present in the home.
Smart Smoke and CO2 Detector.
Reviewers rant and rave about the power and added safety a smart smoke and CO2 detector provides a homeowner. The main flaw of a traditional sensor is that if no one is around to hear the alarm, it instantly turns into a loud piece of plastic hanging from your ceiling. On the other hand, a smart smoke alarm has a traditional tone and sends a notification to your smartphone. Additionally, if connected to your other smart home products, many can perform critical tasks such as shutting down your HVAC system, turning on your security cameras, and unlocking your front doors. Wi-Fi-enabled alarm or not, insurance carriers provide a discount when smoke and CO2 detectors are present in the home.
Smart Temperature and Humidity Sensor.
These nifty gadgets alert you when the air temperature or humidity in a particular room falls below or reaches above a predefined limit. When connected to your smartphone, this sensor can notify you at the exact moment the temperature changes, wherever you are, the timing of which is critical in the case of a frozen or burst pipe. During the colder months, it’s important to make sure your home’s temperature remains steady and doesn’t dip below 60 degrees, to avoid the threat of a burst or frozen pipe and subsequent water damage. But, temperatures getting too high can be damaging as well. If you have a wine collection, fine art, electronics, or books stored in the basement or attic, maintaining the proper humidity is key to preservation. Plus, high humidity can lead to mold and other ghastly issues for homeowners. Most insurance providers offer a discount for temperature monitoring systems, and, therefore, they may be a worthwhile purchase to consider.
Smart Security System.
A home alarm system that communicates to the local police station or private security company not only protects your home from thieves, vandals, and burglaries but can also save you money on your home insurance costs. Smart security systems allow you to check in on your dog or house plants while you’re at the office or shopping down the street, as well as to scan the perimeter of your home before hopping into bed at night. With the click of a button and a stable Wi-Fi connection, you can have eyes on your home and belongings anywhere in the world. Discounts on your home insurance premium do exist but vary by the insurance carrier.
Why do insurance carriers want you to have a smart home?
Insurance providers see the same benefit in smart home products that you do. They are convenient, promote energy efficiency, and, most importantly, minimize risk. In the insurance world, low risk often equals big reward.
Smart home devices are getting smarter by the day. Today, smart security systems, smoke and CO2 detectors, and water leak detectors warn homeowners of impending danger, damage, and destruction, so they can take quick action. But they also, in some cases, can take action themselves, like shutting off your home’s main water or HVAC system. This functionality is what gets insurance carriers really excited, because it can potentially reduce the size of a claim and help homeowners settle a claim faster.
Smart home tech is a win-win for everyone, and we’re eager to learn how these products will continue to evolve over the years and what that will mean for the insurance industry.
McClure Insurance Agency, Inc. wants to make sure smart homeowners and their smart homes are adequately protected.
Whether you have one voice-activated smart home device in your living room or the whole kit and kaboodle, McClure Insurance Agency, Inc. wants to make sure your home has comprehensive coverage at the best rate.
Finding the right insurance carrier, one that values you, and offers high-quality customer support and fair pricing, can be hard to come by via a Google search. That’s why partnering with a local and independent insurance agent like McClure Insurance is a must. Like a smart home product, we simplify the process, can save you time and money, and provide an extra layer of peace of mind and protection. Our team of experienced agents will vet potential insurance companies, compare costs and coverages, and help you evaluate their incentives, like discounts for smart home technology. As your life changes, we remain in your corner to ensure that you always have comprehensive coverage at the best possible rate.