Reduce Your Homeowners' Insurance Rates Through Smart Technology

May 25, 2022 -

Avoiding Remodeling Mishaps

With the rise of homeowners' insurance rates, everyone is looking for different ways to reduce their premiums. In some cases, people are turning to technology to make their homes more efficient and cost effective regarding homeowners' rates. They are either converting their residences to "Smart Homes" or they are adding technology to handle specific functions.

Not only does this technology reduce premiums but it also keeps us safer. By providing another layer of automated protection, insurance companies are seeing lower claims. The type of technology insurance companies like to see installed include...

Wireless Home Security And Control - to control lights, temperature and security cameras.

Leak Detection Systems - to detect leaks from water heaters, water intrusion from floods, furnace failures, gas leaks, etc.

Security Video Systems - for overall home protection.

Smart Plugs Or Outlets - to remotely turn off appliances, such as stoves.

Home Weather Warning Systems - for detection of high winds or severe weather.

Sprinkler Systems - which are now being used in homes.

Because these smart devices have helped minimize damage or lower the number of claims policyholders file, many insurance companies reward homeowners by reducing premiums or even subsidize the cost of these devices or pay to install them.

But realize that by adding technology, the value of your home could increase, making your homeowners policy more expensive. And then you may need to consider purchasing an add-on or rider to your policy.

In most cases, the homeowners' policy will cover technology, but every policy has its limits. As long as you are under your limit, you will be fine. To know if your smart technology is covered, have your J.P. Perry agent check the value of your policy against your technology purchase.

 

Disclaimer: The information provided in this blog post is intended for general knowledge and informational purposes only, and does not constitute professional insurance advice. The content is not exhaustive and does not cover all potential situations. It is essential to review your specific insurance policy and discuss your individual circumstances with your insurance agent or broker. We strongly recommend that you consult with a qualified insurance professional to address your insurance needs and questions.