The Top Smart Home Devices You Should be Using
Tuesday, November 7th, 2023
Smart home adoption is predicted to increasei among U.S. households, but the latest Agency Forward survey from Nationwide shows that many homeowners are under-utilizing the devices that could save them from the worst damages. There are devices that go far beyond having a camera in your doorbell or being able to dim your light bulbs from your phone. The important devices can alert you to fires or water gushing from pipes when everyone is away, triggering you to react faster.
Most Overlooked: Homeowners are overlooking products that could provide the most preventative benefits, 91% do not have smart sensors that can monitor water leaks or flow, and 79% do not have a smart sensor to monitor for smoke/carbon monoxide. These are the devices that can save your home from the most major and costly damages.
"The most avoidable claims can be nonweather related water losses, with most issues coming from leaky pipes, bad fixtures, or water heater leaks. Devices that detect these issues early can help avoid major problems," said Sarah Jacobs, Nationwide's vice president of personal lines product development.
Why It Matters: The Insurance information Institute found the average loss cost for water damage or freezing is $12,514and fire or lightning damage average loss is $83,519. Homeowners insurance will protect you from burdening these costs, but the time and disturbances associated with fixing these repairs will be felt by the homeowner.
The Big Picture: The most common smart home products owned by homeowners are video doorbells (34%), home security cameras (32%), and thermostats (30%)—with millennials leading the charge on ownership.
- People with smart home devices feel 60% safer + protected, 57% have peace of mind, 54% feel their families are more protected.
- The main reason for purchasing a smart home device is 44% feel it reduces anxiety, 35% feel there is a positive cost-benefit to owning this technology.
What they're saying: 78% of agents typically recommend that their customers purchase smart home products to manage risks to their home.
- Agents top recommendations are: 56% smart sensors to monitor for smoke/carbon monoxide, 54% sensors that can shut off water in case of a leak, 54% smart locks.
"Homeowners should connect with their insurance agents to understand the benefits and level of protection that smart home products can provide," added Jacobs.
Consider This: Many insurers are exploring how smart home devices can help homeowners better protect their homes. This includes offering devices or discounts in some locations. If these devices can enhance safety and mitigate risk, it's a potential win for everyone.