Smart Home Insurance Concessions: Better Insurance, Lower Bills
With smart home systems taking over the control of our homes slowly, there are insurance companies that connect to this network to reduce the premiums. Smart home systems also provide data to insurance companies, helping them determine risks and costs for insurance. They are recognizing people who are taking steps to secure their home and offering incentives to install smart home products. A few of the common smart devices that providers might offer incentives for installing in your home are smart thermostats, security systems that include window and door sensors, smart locks or video doorbells, gas and water shutoff sensors, automatic interior sprinkler systems, and smart fire alarm systems or smoke detectors.
Most insurers offer discounts between 5%-20% on your homeowners insurance premium, depending on the smart device and its ability to reduce your likelihood of filing a claim.
Every deal has its own pros and cons. The pros in this case are that you will get added security with convenience, energy savings over time, and central control to most of your home appliances. On the other hand, the disadvantages include the cost, cybersecurity threats, and outages due to network/power. When considering the discount savings on homeowners insurance, weigh the pros and cons of installing a smart home device to know if it is worth the investment. Depending on the home insurance provider, you will be able to work out which provider can give you the maximum benefits.
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