The pros and cons of a smart home
Connected living could have benefits for your insurance
Is having a smart home a smart idea?
Thanks to the internet of things, home are now equipped with systems and gadgets that can be controlled by smart devices. This usually adds up to more convenience—and greater security.
In addition, having a system that helps diminish the frequency of claims or mitigate the extent of damage can have a positive impact on the cost of your insurance.
Learn more about the benefits of smart technology:
MORE THAN ENERGY SAVINGS
Some smart home technology can help you reduce energy costs, including smart thermostats—which enable you to adjust the heating to a temperature that can save you money.
Plus, connected lighting systems and outlets let you turn lights and appliances on and off when you’re away. Which all adds up to more savings!
Even better: You no longer have to wonder if the oven or burners were left on. Talk about convenient!
ADDED SECURITY
You can now better protect your belongings thanks to smart anti-theft tags that can be placed on valuable objects, such as electronics. This will help you find them if ever they’re stolen.
Connected homes also come with smart security systems. Doors can be locked with your smartphone and alarm systems automatically trigger video recording.
When applying for a quote, be sure to mention if your alarm system is connected to a central monitoring centre. Your insurer will be able to verify if this qualifies you for a discount.
DAMAGE-PREVENTING SENSORS
Many smart home sensors can predict and even prevent damage caused by fire or flooding.
Water and leak detectors can alert you in the event of an issue with your water heater, pipes, toilet, washing machine, and more. Some can even automatically shut off the water supply.
Smart fire alarms can tell the difference between smoke and fire and will alert you so you can solve the root cause of the problem.
Installing certain types of fire and water detectors in your home can also reduce your insurance premium. Be sure to mention this to your insurer!
THINGS TO KEEP IN MIND
Unfortunately, some smart tools may cause more harm than good. Technological advances can go hand in hand with cyberattacks.
Protect your personal information
To keep your personal information protected, ensure all your devices include a reliable security function.
Experts insist that you always use a strong password and avoid using the same password for multiple accounts. Wherever possible, use two-factor authentication. Plus avoid using public Wi-Fi for remote access to your smart devices.
Smart technology offers significant advantages together with some inconveniences. As technology progresses, it’s likely that manufacturers will diminish these inconveniences—making smart technology even safer.
Do you live in a smart home? Or are you thinking of adding smart technology to yours? Get in touch to discuss the impact this technology can have on your insurance.
