Thereâ€™s a definite â€œcool factorâ€ to the idea of a smart home. The ability to turn lights on and off with your voice, get notified if thereâ€™s someone on your porch, or have your smoke detector alert the fire department if it detects a problem seems futuristic. It’s reminiscent of the Jetsons and Iron Man.
Smart home devices definitely are cool â€“ but theyâ€™re also practical. Many of the devices arenâ€™t just about convenience, theyâ€™re also about safety. Lights that turn on and off automatically when youâ€™re on vacation can deter burglars, smoke detectors that call the fire department can save lives and property, and doorbells that capture porch activity can help serve justice if your belongings are ever stolen.
Even beyond peace of mind, smart devices can help you save money. It goes beyond smart thermostats that monitor the temperature of your home to save you money on utilities.
Itâ€™s time to start looking seriously at how certain smart home devices can help you save money on homeowners insurance. Many insurance companies offer premium discounts of 5 percent to 20 percent for policyholders who install smart devices. The decreased revenue from premiums still costs less than the costs to repair or replace lost or damaged property.
If you have or plan to install any of the following smart home devices, check to see if youâ€™re eligible for any insurance discounts on the product itself, the installation or your premiums.
Home Security Monitors
A small, weatherproofÂ tower with a camera that surveys your home and property. It regularly sends photos to your smartphone. Your insurance company can use these photos to assess any damage that occurs rather than sending out a surveyor. It may allow the insurer to pass along those savings to you in the form of a discount.
Video Capture Doorbells
Notifies you of motion at your door so you can not only view the activity but communicate two-way with your visitors. These doorbells may be eligible for discounts not only on premium, but on purchase of the device and installation.
Smart Smoke Detectors
These devices not only test themselves regularly and notify you of the results, they also alert you and/or the fire department if it detects smoke or carbon monoxide and lets you know where the problem originated. Insurance companies may offer discounts to policyholders with smart smoke detectors installed, since they can help the insurers save significantly on repairing property damaged by smoke or fire.
Interior Fire Sprinklers
No longer just for commercial buildings, interior sprinklers can help prevent the spread of any fire that may occur, especially for homes in more remote areas.
Water Sensors Coupled With Auto-Shut-Off Valves
Designed to detect flooding that isnâ€™t caused by weather and turn off the water supply to the problematic area. This means if you leave for the weekend and a frozen pipe bursts, you wonâ€™t have water gushing into your home the whole time you’re away.
Smart Lock Systems
Can be controlled manually provide extra security while youâ€™re away from home. Canâ€™t remember if you locked the front door or shut the garage? Just check the app and make sure youâ€™re all locked up.
In most instances, installing smart home security devices like these wonâ€™t negate their purchase prices â€“ youâ€™ll still be paying more than youâ€™re saving in insurance discounts. However, any discounts you receive can help you justify their installation. After all, if you can save a few bucks on your homeowners policy and feel a bit more like Iron Man, why wouldnâ€™t you?
Any discounts you get on your insurance premiums from installing a smart device is icing on the cake. After all, if you can save a few bucks on your homeowners policy and feel a bit more like Iron Man, why wouldnâ€™t you?
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