Homeowners Insurance And Your Smart Home

Home insurance and utility companies have taken notice of increased smart device usage. Benefits of a smart home include increased safety and decreased energy usage, so many home insurance companies are beginning to offer special discounts for homeowners who use smart devices.

Typically in the insurance industry once several companies start adding available discounts most other companies will do the same. Discount availability and amounts will vary depending which company provides your coverage, it’s recommended to work closely with your insurance agent and a qualified company to design the best solutions for your home.

There are many discounts available for smart solutions such as:

  • Video doorbells
  • Monitored security systems
  • Cameras
  • Fire alarm systems and CO2/Smoke detectors
  • Thermostats
  • Low temperature sensors
  • Water sensors
  • Natural gas sensors

The benefits of video doorbells, wireless security systems and cameras is that it lowers the risk of burglary and home invasion. There have been discounts for monitored burglar alarms in the past but with new smart technology it is becoming more accessible and affordable to more people which is good for both the homeowner and the insurance company to help better protect the home and reduce overall insurance costs. Paying for monitoring is not required to receive discounts but it does increase discounts and help further mitigate losses.

Other products such as smart burglar alarms, C02 sensors, thermostats, water and gas sensors will inform you immediately if there is a problem which is going to provide much faster response time to help in avoiding damage all together or reducing the amount of damage. Water and fire are some of the most expensive and worst types of claims for a homeowner to deal with. Not only the repairs are very expensive, many times a homeowner ends up having to be displaced from their home while repairs are completed.

Along with smart home devices providing you extra protection for your home, discounts on your homeowners insurance can also save you from having to deal with increased rates due to a homeowners claims. For example if you have a toilet or appliance overflowing while you are out of the house this can cause a large amount of damage and cause you to file a water claim. There are many companies that will non-renew your policy and not accept you if you have a water claim in the past 3 years, in addition to that most companies will increase your rate due to a water claim. You can expect to pay 30% more for your homeowners insurance over the next 3-5 years. If you file 2 homeowners claims in a 3 to 5 year period you may have a hard time finding any coverage and when you do find it you can expect to pay 2-3 times more than you were before you had claims.

Devices like a smart water shutoff sensor, thermostats, burglar, fire and CO2 sensors can help you avoid the aggravation of having to deal with a homeowners claims, help protect your investment, save you money on current homeowners insurance and save you money on increased homeowners rates by helping to avoid claims on your homeowners insurance.

Let Odyssey Integrated Solutions and our insurance partner help in creating a safer and more efficient smart home where we can utilize new technology to save money and reduce risks. Feel free to contact us at (704) 999 6820 and schedule a free consultation.