Home tech and smart gadgets have exploded in popularity in recent years. Whether you’re a techy, environmentally conscious or looking for ways to lower your homeowners insurance, there’s likely a new home gadget out there to suit any interest.
New and old home technology alike can help you minimize your risk of disaster and damage to your home, which in turn can help make your home less risky to insure. When your risk is lower, your premium may follow. Check out these gadgets that can help you save on your homeowners insurance.
And don’t forget to double check with your insurance agent to see if installing one of these can help you save on your insurance!
Home Gadgets That Can Help Lower Your Insurance Premium
Home Security System
According to alarms.org, there are roughly 2.5 million burglaries a year, 66% of those being home break ins. While burglaries on the whole are trending downward in recent years, a home security system is one way to deter break-ins.
A home security system makes it less likely that your home will be broken into - about 3 times less likely. Home security systems vary widely in terms of cost and features, with the more simple ones running around $100. Before investing, check with your insurance agent to see what types of home security systems could get you a discount on your homeowners insurance.
According to Safewise, a home security system could lower your premium by up to 20%. That’s some serious savings!
Smart Thermostat
A smart thermostat can be an incredibly helpful gadget in ensuring your home is warm and safe, especially in parts of the country where winter temperatures drop below freezing for days at a time. Being able to track how well your home is being heated can help you avoid claims like burst pipes. Ask your insurance agent if your homeowners policy offers discounts for smart thermostats.
In addition to potential savings on your homeowners insurance, a smart thermostat can also help you save on your heating costs, by allowing you to efficiently and effectively heat your home. It can also help the environment, by cutting down on the energy that your home uses by enabling you to set a time or turn down your heat when no one’s home.
Smoke detectors and sprinklers
Though not new tech by any means, smoke detectors and sprinkler systems are well-loved by insurers, since they help detect and prevent house fires. When you install tech that goes beyond your basic smoke alarm, you could see savings on your homeowners insurance.
If you’re looking for something more advanced than your basic battery-operated smoke alarm, check into a monitored system. Monitored smoke alarms are connected to a third-party monitoring company that can call your local fire department in case of a fire setting off the alarm. This means that if no one is home to hear the smoke alarm going off in your house, your monitoring service can make the call to the fire department on your behalf. These monitoring companies can also check to make sure your system is working properly, regardless of whether you remembered to change your smoke detector batteries last Daylight Savings.
Having a monitored smoke alarm system in your home can help you cut down on your homeowners insurance premium, however, don’t forget to factor in the cost of the service. Smoke Alarm Monitoring offers a calculator to help you learn how much you could save.
A sprinkler system can help prevent fires and cuts down the risk of death during a home fire considerably. However, less than 2% of single-family homes have a system installed. Putting a sprinkler system in your home can cut your homeowners insurance premiums by 10%, according to ValuePenguin. Over time, that’s a lot of savings!
Water Leak Detectors
Another handy area of tech that can help prevent damage to your home as well as lower your insurance is rates is water leak detection. According to Leak Prevention Pros, “a homeowner is 6 times more likely to experience water damage than fire damage and 7 times more likely to experience water damage than a burglary.” With sensors running from under $10 to hundreds of dollars for a smart and connected system, these alarm systems are useful for protecting your home from many types of water damage. Some systems will even shut off the water in your home if a leak is detected!
Having a leak detector in place can help you respond quickly to water issues in your home. The types of issues a device will track depends on the sophistication of your system and what your willing to invest. From basic alarms to full systems that will text you as soon as a leak is suspected, these devices can help you avoid costly insurance claims.
Check with your insurance agent to see if your insurer will offer premium savings for installing a water leak detection system.
With new smart home tech coming on the market all the time, it’s difficult to keep up with all the gadgets that will help lower your homeowners insurance. Have you installed a system that gave you better rates? Let us know! Contact us or shoot us a message on social @InsuraMatch.
For more ways to save, check out our article on 18 ways to save on your homeowners insurance!
Additional Sources:
https://www.nationwide.com/smart-homes-technology.jsp
https://www.dig-in.com/list/15-top-home-insurance-companies-smart-home-initiatives