Do you remember being a kid and thinking about the future? Maybe it was a rerun of The Jetsons and their robot housekeeper, or perhaps the multitude of robots on Futurama in the 2000s that spurred on your imagination. While we may not have humanoid robots at our beck and call (yet), we do have some amazing new technology helping make our lives easier. From programmable lights and thermometers to locks and smoke detectors that let us know if something is wrong all the way to the virtual assistants that help make them work, smart homes and technology are changing the way we get things done. But what does this mean for your insurance? While there may not be many discounts for installing smart home technology (right now), there are still benefits to having smart home technology now!
Prevent Damage: With smart sensors placed throughout your home, you can be alerted on your smartphone in the event of water getting into your home. With some sensors having the ability to shut off water supplies if, for example, if your home water heater sprung a leak, the damage would be minimized and you could finish your day knowing that everything is alright.
Prevent Burglary: How many times have you gotten to the grocery store, or took your seat the theatre and the thought crossed your mind “Did I lock the door?” With smart locks, you can use your phone to lock your phone wherever you are. Double down and install cameras with internet connections and motion sensors to receive alerts when someone comes to the door unexpectedly.
Prevent Power Bill Overages: By setting your lights on smart switches, and replacing your old-style thermostats with smart programmable ones, you can now control when lights turn off and on, and also when your heat goes up or down. Having everything on a schedule can help you keep the power bill down, and more money in your pocket!
With these smart home items in place, and many more on the way (think smart refrigerators, robotic vacuums, and even curtains) now is your chance to get ahead of the curve to keep you and home safe!
As these devices become more common and reliable, some insurance providers are finding ways to incentivize potential customers by partnering with smart home technology installers. Having the installer set up the required devices (so that the installation is certified) can result in discounts on rates for home insurance. While this is primarily exclusive to the United States right now, it is certainly worth keeping an eye on here in Canada – check with your broker, or reach out to us at Coast Insurance so we can look into any existing possibilities!