Did you know that your smart home security devices and thermostats might actually earn you home insurance discounts?
With the growing trend of smart technology, it seems most homeowners will invest in some sort of smart home security system. Perhaps even a smart thermostat at some point. Not only does this help deter break-ins, monitor your home inside and out, but it may also help with fire protection… and insurance companies have taken notice.
Currently, over 35 million homes in the United States are considered “smart homes” and this is only projected to continue growing. Home insurance agencies and utility companies have recognized the increase of usage with smart devices. The benefits of using these devices include increased safety and decreased energy usage, so many home insurance companies are offering special discounts, rebates, and deals for homeowners who use smart devices.
Available Discounts
Okay, so let’s get to the nitty-gritty. What are the available home insurance discounts you can opt into for money-saving benefits? The two we’re going to discuss are:
- Reduced Smart Home Installation Fee. Smart devices in your home may set you up with free or marked down installation of these products. Talk with your insurance provider to learn more about the specifics. They can help you understand whether this discount is only available on the smart products you purchase from them.
- Price Reduction in Smart Devices. Your insurance provider may provide special discounts for some customers to enjoy on some smart devices. Speak to your insurance agent or browse your insurers’ website for more details.
Demand Response: The Bonus Discount
Utility companies use demand response programs to help homeowners reduce their energy usage. This specific program is designed to cut back energy consumption during peak hours. To do this, your utility company will automatically scale down power in certain areas of your home to prevent energy overload. In some cases, your utility company will provide discounts or rebates to users who have opted in.
Which Smart Home Devices Offer Discounts?
Which smart home devices will treat you to home insurance discounts? Identifying these products can help you determine which products you want inside your home.
Smart Home Devices Offering Discounts:
- Video Doorbell Cameras. Some video doorbell cameras, like Ring, offer both convenient home security you can monitor remotely as well as a nice home insurance discount. How much of a discount you can expect will, of course, depend on your insurer. But on average, you can expect 5% in savings.
- Smart Smoke Alarms. Unlike traditional smoke detectors, smart smoke alarms provide in-depth information as well as mobile phone integration. This can notify you of important alerts, such as when a smoke alarm is activated, the severity of the smoke, and where in your home the emergency is occurring. Similar to video doorbell cameras, you can get a 5% insurance discount with this product in your home.
- Smart Locks. Smart locks gift you with the convenience of opening your door from anywhere without pesky keys. It also means you don’t have to stress out on those days when you leave your keys at home. Mobile app integration lets you unlock your door with a click of a button. Some insurers will reward you with a 5% discount on your home insurance policy.
- Smart Thermostats. These are great for reducing your energy expenses while keeping your home at the right temperature all day long. Depending on your insurer, they can provide you with a 3-5% home insurance discount.
Is It Worth It?
With all the benefits you can reap from installing smart devices at home, receiving discounts on your insurance policy is just another thing you can add to the product’s expansive list of pros. If you already posses an interest for installing these products at home, then the idea of a price reduction on your insurance policy should only sweeten the deal.
However, if you’re looking for even more discounts on your policy, consider installing a home security system. To learn more about the best home security systems on the market today, read our blog about the best home systems. Or request a free quote from ONIT to get started on securing your home with 24/7 professionally monitored systems offered at a low monthly price.
