Homeowners keep a “smart” eye on their homes

0

Columbus, Ohio, Oct. 11, 2021 / PRNewswire / – The events of the past 18 months have held homeowners home more than ever. With more and more employers adopting a “work from home” model, this trend is expected to continue, leading to increased wear and tear on home devices and infrastructure. The added strain could cause more of these systems to fail, leading to costly damage to the home.

Homeowners are turning to insurance-based smart home technology to monitor their homes and alert them if something goes wrong. A new national survey1 found that 66% of homeowners currently own at least one smart home device, but many don’t realize that the devices they have could save them money on insurance premiums.

Popular IoT devices with homeowners

Nationwide’s Agency Forward survey found that 2 in 3 homeowners have already adopted smart home technology to reduce anxiety (42%) or make their homes more energy efficient (33%). The most popular devices with homeowners are:

  • video doorbells (59%),
  • home security cameras (59%),
  • smart thermostat (55%)

The use of this type of smart home technology is set to grow exponentially with an estimated 25% increase in use over the next five years.2.

Leave money on the table

Insurance-based smart home technology devices monitor dangers in the home and alert a homeowner if something goes wrong. Devices like doorbells, smoke detectors, thermostats, and water leak detectors let the homeowner know what’s going on in their home, even when they’re not in the home.

However, the survey found that only 7% of homeowners use smart sensors that monitor water leaks, leaving their homes vulnerable to severe non-weather water damage. Only 27% said they knew the sensors that monitor water flow and leaks, and less than a quarter (24%) were aware of the sensors that can shut off the water in the event of a leak. Failure to use these devices can leave their home vulnerable to costly water damage.

“The # 1 cause of preventable claims for Nationwide home insurance policyholders is unrelated weather water loss, with most of these claims coming from leaking pipes, appliances or water heaters,” he said. declared Beth riczko, president of personal lines at Nationwide. “The Insurance Information Institute reporting that average water damage and freezing causes more than $ 11,000 If damaged, homeowners should consider these types of sensors to provide an extra layer of protection.3

Technological advantages can allay worries

While high prices (47%), lack of knowledge about smart home technology (32%), and security concerns (29%) prevent homeowners from owning smart home technology, 64% of of them said they would be interested in using them if it helped lower their premiums.

“Participating in Nationwide’s smart home program saves policyholders around 4% on their home insurance premiums, but the savings are even greater when you consider the added benefits of having a smart home device. Said Riczko. “Relieving the stress of having to repair major damage, reducing repair times, relieving the anxiety you feel every time you leave the house, that kind of peace of mind is priceless.”

Nationwide partnered with Notion in 2020 to offer smart home surveillance technology to provide that extra layer of protection. The Home Monitoring System incorporates multiple capabilities into each sensor, which monitors the home for open doors and windows, smoke / CO2 alarms, and water leaks, all from a personal device. The program is offered in 13 states and will expand to more states in 2022. Speak to your insurance agent to see if you can benefit from smart home devices in your home.

Learn more about Nationwide’s current smart home program and talk to your agent to see if you can benefit from smart home devices in your home.

The smart home is available in AL, AZ, CA, CT, DC, IA, IL, MS, OH, TX, VA, VT, and WA, with additional states to be added in the coming months.

About Nationwide

Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services companies in the United States and is rated A + by AM Best and Standard & Poor’s. The company offers a full range of insurance and financial services, including auto, commercial, home, farm and life insurance; public and private sector pensions, annuities and mutual funds; banking and mortgages; surplus and surplus, specialty and surety; animal, motorcycle and boat insurance. For more information, visit www.nationwide.com.

1 Nationwide commissioned Edelman Data & Intelligence to conduct a 10-minute online quantitative survey of a sample of 1,500 U.S. homeowners aged 18 or older between August 13-19, 2021 to understand the uses and behaviors around smart home products. As a member in good standing of The Insights Association and ESOMAR, Edelman Data & Intelligence conducts all research in accordance with local, national and international laws as well as all market research standards and guidelines.

2 https://www.securityinfowatch.com/residential-technologies/smart-home/news/21238463/report-global-smart-home-market-poised-for-strong-growth

3 Insurance Information Institute figures

Contact:
Lyndsey Kleven
(614) 507-0485
[email protected]

SOURCE Nationwide

Related links

http://www.nationwide.com


Source link

Leave A Reply

Your email address will not be published.