How smart home devices can help lower your insurance premiums?

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Smart home devices can lower your insurance premiums?

While 66% of homeowners own at least one smart home device, few realize this technology can help lower insurance premiums, a new survey has found.

While smart sensors that monitor for water leaks have the most potential to reduce homeowners’ risks, only 7% of people surveyed make use of such technology, leaving homes vulnerable to severe non-weather-related water damage. With more people working from home than ever, your home’s appliances and infrastructure could see more wear and tear, potentially causing them to fail and costing you a fortune.

The data showed that two in three homeowners already use smart home devices to reduce anxiety and 33% use them to make their homes more energy-efficient. The most popular smart home devices with homeowners are video doorbells (59%); home security cameras (59%) and smart thermostats (55%).

How do smart home devices help save you money on insurance?

Insurance-based smart home technology devices monitor hazards in your home and will alert you when something goes wrong. Devices like video doorbells, smoke detectors, thermostats, and water leak detectors keep you informed in real-time, even when you’re away from home.

However, the survey found only 27% of homeowners knew about sensors that monitor water flow and leaks, while only 24% were aware of sensors that can shut off the water in case of a leak. Not using such devices can leave your home vulnerable to costly water damage.

Talk to your expert insurance broker to help you identify any coverage gaps and find the best home insurance coverage for your needs.

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