Smart Home Devices That Lower Your Home Insurance Rates

08 Jan

Smart home devices have taken off in recent years and many homeowners are using them to help protect their home as well as make life a bit easier. These devices can monitor your home for not only intruders but water leaks, freezing temperatures and smoke and carbon monoxide.

As smart devices have become more common, many insurers will offer premium discounts for homeowners who install this type of technology in their homes. If you are looking to shave a bit of money from your insurance premium and are interested in installing some smart devices in your home, you should contact your insurer to verify they offer a smart home discount and which devices qualify for a discount. 

Here is a quick overview of a few smart devices that should result in savings on your insurance premium.

Wireless security systems

A security system will almost always result in a discount on your insurance premium. Insurers prefer a monitored system that will alert the police or fire department of a problem if you are not at home when a burglary or fire occurs. 

Wireless security systems have become more sophisticated in recent years even as costs have dropped. These systems not only monitor your home they can make it easy to lock your doors remotely and alert you to motion on your property via cameras that start recording as soon as motion is detected.

Before installing a security system, you should check with your insurer in regard to the discount you can expect as well if they have any preferred systems. 

Smart Thermostats

Smart thermostats can result in an insurance discount for a couple of different reasons. Some smart thermostats will alert the fire department or sound an alarm if the temperature is getting too high, in most situations this would be due to a fire. 

In addition, smart thermostats allow you to change the temperature of your home remotely which can be helpful if you are out of town when a blizzard or plunging temperatures hit. Pushing up the temp in your home can prevent pipes from freezing. Broken pipes can result in extensive water damage which can lead to huge claim.

Finally, a smart thermostat can help you save on your energy costs. While this is not a benefit your insurance company will care about it can lead to lower heating and cooling bills for you. Smart thermostats can lower (or raise depending on the season) the temperature when you are out of the house and bring it back up before you get back home, which results in lower heating and cooling costs. 

Smart smoke detectors

Smoke detectors have become much smarter over the last decade. They can now alert you when the battery is low, or the unit needs maintenance. The majority of smart fire alarms can also alert the fire department if a fire breaks out. 

Insurers love anything that can help reduce the damage a fire does, and this technology certainly fits the bill so expect a discount after installing smart smoke detectors. You should call your insurer before installing them to see if they have a preferred brand.

One other advantage of a smart smoke detector is the ability to turn it off via your phone if it turns out to be a false alarm instead of having to wait for it to shut down on its own or finding a step ladder to climb up to push the shut off button.

In addition to smart smoke detectors, insurers like to know there are fire extinguishers located around the house and will often offer a small discount if you meet their extinguisher requirements.  

Water and gas shutoff sensors

These smart devices are gaining in popularity and they help lower the risk of gas and water leaks which can cause tremendous damage if undetected.

These devices can shut off your water of gas if a leak is detected as well as send you a notification if a leak is detected. Water leaks can result in significant damage and insurers love anything that can help prevent a claim so they are happy to offer a discount on these types of devices.  

As with other smart devices, check with your insurer before installing to determine what kind of discount you should expect as well as if they have any preferred brands or partnerships with companies that may reduce your costs for these smart devices. 

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