{"id":1364,"date":"2018-06-15T14:22:18","date_gmt":"2018-06-15T14:22:18","guid":{"rendered":"https:\/\/www.homeinsuranceking.com\/blog\/?p=1364"},"modified":"2018-06-15T14:22:32","modified_gmt":"2018-06-15T14:22:32","slug":"will-amazon-truly-shake-up-the-homeowners-insurance-market","status":"publish","type":"post","link":"https:\/\/www.gethomeinsurancequotes.com\/blog\/will-amazon-truly-shake-up-the-homeowners-insurance-market\/","title":{"rendered":"Will Amazon truly shake up the homeowners’ insurance market?"},"content":{"rendered":"
\"Amazon

Amazon is heavily invested in developing robots for the home as well as other smart home products. The robots they are developing will be able to wander around your house performing a variety of tasks, one of which is searching for safety issues.<\/p><\/div>\n

A recent report from The Information, a technology centered website, found that Amazon may be getting into the home insurance market. While it seems like a long-shot and the report concluded that Amazon currently has no plans to start offering homeowners insurance, the mere prospect of the e-commence giant joining the industry sent the stocks of major insurance companies down.<\/p>\n

Amazon Would Probably Start Small<\/strong><\/p>\n

Major insurance companies probably have little to fear from Amazon entering the homeowners marketplace, at least at first. The most likely scenario, should Amazon decide to actually get into the homeowners insurance game is that they would start small with simple policy offerings.\u00a0<\/strong><\/p>\n

\u201cIf Amazon does offer home insurance, it would probably start small with simple, bare-bones\u201d coverage,\u201d Joshua Shanker, a Deutsche Bank AG analyst, said at a recent insurance industry conference.<\/p>\n

While the odds of Amazon getting into homeowners insurance<\/a> seem relatively small at this point, if it does decide to jump in it could be a lucrative move. According to data from the National Association of Insurance Commissioners, insurers in the U.S. and Canada took in roughly $92 billion in homeowners insurance premiums last year.<\/p>\n

Why Amazon is Interested in Insurance<\/strong><\/p>\n

Amazon is heavily invested in developing robots for the home as well as other smart home products. The robots they are developing will be able to wander around your house performing a variety of tasks, one of which is searching for safety issues.<\/p>\n

The robots may be equipped with sensors and cameras that could detect carbon monoxide, smoke, heat or even loud noises such as a window breaking. The thinking is that the robots could help detect issues early or when the homeowner is gone, possibly preventing a fire or burglary. This keeps a home safer, hopefully resulting in fewer claims, allowing Amazon to offer cheaper insurance products.<\/p>\n

Big Hurdles for Amazon<\/strong><\/p>\n

Despite the potential for big sales, there are also major hurdles to getting into the homeowners insurance game. Here are just a few challenges to Amazon selling insurance.<\/p>\n