41.8 million U.S. homes are smart homes. That’s 32.3 percent of all American households—a number that continues to grow year over year.
If you have a smart home—or a smart device that controls some aspect of your home environment—make sure you’re taking advantage of any available discounts offered by your utility and insurance companies.
Today, we’re outlining why insurance companies offer discounts for smart homes and what types of deals you can take advantage of for extra savings.
Why do insurance companies offer discounts for smart homes?
Smart devices can help make your home safer, more secure, and more energy efficient. Smart technology also makes managing systems in your home, such as your furnace or air conditioner, easier and more convenient.
If something goes wrong, your smart device will notify you immediately so you can respond quickly and minimize the damage. For example, if you have a smart water sensor installed and a pipe starts leaking while you’re away from home, your device will detect the issue and notify you. If someone tries to break into your home and sets off an alarm, you’ll be able to inform the police from wherever you are so they can act immediately.
Whenever you file a claim and your insurance company agrees to help pay for damages, that costs them money. By avoiding potential disasters, you’re reducing your risk for having to file insurance claims, which ultimately can save your insurer a lot of money. Because of this, many insurance providers today encourage homeowners to install smart devices by offering discounts on their home insurance.
What smart home devices offer discounts?
Ask your insurance company if they offer any discounts or rebates for installing and using smart devices throughout your home. Many discounts for smart devices provide around 5% off your premiums. Some are less and others may be quite a bit more. That may not sound like a lot, but if you have smart technology in your home already, you should take advantage of it!
Here are several devices that could come with a home insurance discount from your provider. If you have any of these smart devices, tell your insurance carrier. Ask if any special offers exist for your area and what the requirements are to obtain them.
A smart thermostat allows you to control the temperature in your home using an app on your mobile device. Some thermostats can also sync with other smart devices throughout your house to make adjustments as needed, such as turning the air off if smoke is detected to help minimize the spread of fire.
Some smart thermostats can even “learn” your routine and behavior and adjust their settings accordingly. For example, a smart thermostat can turn down or turn off the heat or air conditioning automatically when you leave the house. To prepare for your return, it can turn it back on or up so the temperature is comfortable by the time you get home.
You’ll learn over time what methods offer the most savings by reading reports from your smart device that track your heating and cooling usage.
With a wireless security system in place, you can make your home safer and more secure to decrease the risk for theft, vandalism, and other crimes. You can set up cameras and motion sensors in and around your house to keep an eye on things while you’re away from home or receive notifications while you’re sleeping if something isn’t right.
If someone tries to break in through one of your home’s monitored entry points or if there’s a fire or flood, your device will notify you.
If you install a centrally monitored system, a third party will notify the authorities for you if there’s an emergency. Keep in mind that these types of systems often provide larger discounts.
Smart smoke detectors will alert you (audibly and by sending you a mobile notification) if there’s smoke in your home or batteries are running low.
Smart doorbells capture high-quality video footage of anyone who approaches your door. This is especially useful at night and while you’re away from home. Catch porch pirates on camera if they steal packages left outside while you’re at work or burglars trying to break into your house.
With a smart lock, you can lock and unlock your doors remotely using your mobile app. If someone needs to access your home while you’re away, you can unlock your front door when they arrive and relock it after they leave.
A smart water detector will pick up leaks throughout your home and alert you so you can shut off the water supply within seconds to avoid flooding and damage.
Much like the water sensors we just mentioned, smart gas sensors can detect gas leaks in your home and alert you so you can shut off the supply immediately using your phone.
Take Advantage of Home Insurance Discounts
Travelers, Progressive, State Auto, and Nationwide are three popular carriers that offer home insurance discounts for smart home technology. If you’re interested in finding a new carrier that offers smart home discounts, let us know. We can get you a quote to help you find more affordable insurance with better coverage.
Contact us for a quote!