Not all of the home insurance companies are innovating yet with smart technology, or ready to reward their customers for implementation of it, but in the near future according to Insure4Retirement, your home insurance premiums could be reduced if you implement smart technologies which will reduce your chances of making an insurance claim.
So now is the time to start thinking about investing in smart technologies which add not only convenience to your home, create energy efficiencies, but may also enhance your security, reduce risk of water leakage and therefore reduce your home insurance premiums.
What type of smart devices should you consider investing in?
Smart Water Leakage
According to the Association of British Insurers (ABI), Escape of Water (so water leaking within the home from plumbing rather than external flooding) causes a massive 30% of domestic insurance claims, which cost the insurance industry and of course the consumer £3.9m per day. Thankfully there are now smart devices on the market which not only detect a water leak, but will notify you of it, and allow you to respond by shutting off the water supply from your smart phone. The potential for money saving is massive really when you consider how many claims are the result of water leakage, and the cost of repairing a property that has had internal water leakage. This might include replacement of the plumbing, carpets, decoration, and damage to furniture and technology across one or more floors.
The next obvious consideration when it comes to home insurance claims is damage to property and burglary. Pre-smart technology most homes had an alarm system installed which was triggered by doors or windows being breached when the system is turned on. In fact this is still the security system most people rely on, oh yeah, and possibly a dog!
However, smart cameras take domestic security into the realms of the high security we used to think was only affordable for museums and high net worth mansions. Placed throughout the property, smart cameras, provide a constant recording of footage throughout the property, and alert the owner’s smart devices when movement is detected. The owner can set up automatic responses or can manually trigger responses via the smart apps, creating lighting or audio deterrents to scare away intruders.
Smart Sensors and Doorbells
As well as Smart Cameras, smart sensors and a smart doorbell can be incorporated in the home security system. Smart sensors are a cheaper alternative to smart cameras and detect movement, triggering alerts and responses. If combined with smart cameras, most entrances and angles can be covered so that the whole home is ready for action. Smart doorbells are a great addition and for some people are the only smart security device installed, as they cover the front driveway providing video and movement sensing. When someone presses the doorbell you can answer remotely, speaking to them via the device.
With 79% of the UK adult population having a smartphone in 2019, these smart systems are viable for most home households.