Ohio Pen - The top smart home devices you should be using

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COLUMBUS, Ohio, Nov. 6, 2023 ~ A recent survey conducted by Agency Forward for Nationwide has revealed that many U.S. households are under-utilizing the smart home devices that could save them from the worst damages. The survey found that 91% of homeowners do not have smart sensors to monitor water leaks or flow, and 79% do not have a smart sensor to monitor for smoke/carbon monoxide.

Sarah Jacobs, Nationwide's vice president of personal lines product development, said: "The most avoidable claims can be nonweather related water losses, with most issues coming from leaky pipes, bad fixtures, or water heater leaks. Devices that detect these issues early can help avoid major problems."

The Insurance Information Institute found that the average loss cost for water damage or freezing is $12,514 and fire or lightning damage average loss is $83,519. Homeowners insurance will protect people from burdening these costs, but the time and disturbances associated with fixing these repairs will be felt by the homeowner.

The survey also revealed that the most common smart home products owned by homeowners are video doorbells (34%), home security cameras (32%), and thermostats (30%)—with millennials leading the charge on ownership. People with smart home devices feel 60% safer + protected, 57% have peace of mind, 54% feel their families are more protected. The main reason for purchasing a smart home device is 44% feel it reduces anxiety, 35% feel there is a positive cost-benefit to owning this technology.

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78% of agents typically recommend that their customers purchase smart home products to manage risks to their home; 56% recommend smart sensors to monitor for smoke/carbon monoxide; 54%, sensors that can shut off water in case of a leak; and 54%, smart locks.

Jacobs added: "Homeowners should connect with their insurance agents to understand the benefits and level of protection that smart home products can provide."

Many insurers are exploring how smart home devices can help homeowners better protect their homes by offering devices or discounts in some locations. If these devices can enhance safety and mitigate risk, it's a potential win for everyone.

According to Agency Forward's survey for Nationwide, many U.S households are under-utilizing the important devices which could save them from major damages such as fires or water gushing from pipes when everyone is away. Sarah Jacobs, Nationwide's vice president of personal lines product development said: "The most avoidable claims can be nonweather related water losses... Devices that detect these issues early can help avoid major problems."

The Insurance Information Institute found that the average loss cost for water damage or freezing is $12,514 and fire or lightning damage average loss is $83,519 which homeowners insurance will protect people from burdening these costs but still cause disturbances associated with fixing these repairs will be felt by the homeowner.

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The survey also revealed that millennials lead in ownership of common smart home products such as video doorbells (34%), home security cameras (32%), and thermostats (30%). People with such devices feel 60% safer + protected; 57%, have peace of mind; 54%, feel their families are more protected; 44%, reduce anxiety; 35%, positive cost-benefit to owning this technology; 78%, agents typically recommend customers purchase such products; 56%, recommend sensors to monitor smoke/carbon monoxide; 54%, sensors shut off water in case of a leak; 54%, recommend locks; 44%, reduce anxiety; 35%, positive cost-benefit owning this technology .

Jacobs added: "Homeowners should connect with their insurance agents to understand the benefits and level of protection that smart home products can provide." Many insurers are exploring how such devices can help homeowners better protect their homes by offering discounts in some locations which could be beneficial for all parties involved if they enhance safety and mitigate risk effectively.

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