Ohio Pen - Getting smarter: Nationwide and Resideo join forces to fortify and help protect homes

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COLUMBUS, Ohio, Oct. 24, 2023 ~ Homeowners across the United States are increasingly turning to smart home devices to protect their homes and add convenience. Unfortunately, preventable homeowners' insurance claims, such as water damage from leaky pipes, are becoming more frequent and costly. To address this issue, Nationwide, one of the country's largest home insurers, and Resideo Technologies have partnered to reshape the future of protection for homeowners.

The partnership between Nationwide and Resideo will allow U.S. homeowners to leverage tech-enabled prevention capabilities to help avert unexpected damage and associated expenses with their homes. Homeowners that take advantage of the preferred device packages, which will be announced in early 2024, may also be eligible for a discount on their homeowners insurance through Nationwide.

According to Nationwide's 2023 Agency Forward survey, 44% of homeowners purchase smart home products to reduce anxiety. However, despite water and fire damage serving as the highest non-weather related claims perils for homeowners, more than 90% of those surveyed do not have smart water leak sensors and almost 80% do not have monitored smoke or fire hazard devices in their homes – a concerning protection gap.

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Beth Riczko, President of P&C Personal Lines at Nationwide said: "Smart home technology presents a tremendous opportunity to elevate protection for our customers by transitioning from a reactive approach to a proactive one, enabling us to predict and prevent losses before they occur."

Dana Huth, Resideo's Chief Revenue Officer added: "We are committed to protecting what matters most and creating new forms of value for our customers. Partnering with Nationwide, who has a similar focus and aligned mission, will be an accelerant to meaningful savings of time, effort and money for U.S. homeowners and residents."

Leaders from both companies advise that interesting applications of insights can be expected in the near future as well as collaborations across their respective ecosystem partners that will lead to smarter and safer home ownership experiences.

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