How Smart Home Devices Can Affect Your Home Insurance

Home insurance is an essential investment and can make all the difference in the aftermath of various accidents and other unforeseen scenarios. However, while your coverage is crucial, maintaining it may represent a significant expense. Fortunately, there may be ways to reduce or at least the limit your premiums and make your home safer, such as by installing smart home devices.

Can Smart Devices Help Me Save Money?

Smart home devices may come in many forms, each potentially improving various aspects of your home, such as its energy efficiency, convenience and overall safety. Furthermore, many smart home devices may positively impact your perceived risk profile. Home insurance carriers may consider you less risky to cover if your residence is equipped with these devices. Consider the following examples:

• Smart smoke detectors may significantly reduce your home’s fire-related risk and limit possible losses. These devices can immediately notify emergency services, meaning they’ll likely be able to respond to your home more quickly even if you’re not present.

• Advanced security systems may include monitoring services and motion detectors, which can limit potential consequences and likelihood of your home being burglarized or vandalized. Additionally, these features may help provide key evidence for law enforcement should your home be broken into.

• Water leak sensors can greatly reduce losses arising from leaky plumbing and damaged pipes. These smart devices may detect an issue far more quickly than you would have on your own, potentially preventing widespread damage. Some sensors can even automatically shut off your water upon detecting an issue.

Although smart home devices may reduce your perceived risk levels and premiums, they can also be expensive investments, potentially increasing your necessary coverage limits.

We’re Here to Help

If you’re a homeowner in Deerfield, IL, contact Joan Polec Insurance today to discuss coverage options and learn more about how smart home devices may impact your rates.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.