Did you know, Smart home technology can lower your insurance premiums?
If you are looking to purchase a Smart home, own an existing Smart home or looking to remodel your existing home with Smart technology, we have some good news for you.
Several insurers have started to pay attention to all the unique ways technology can help lower the risk of a claim, or at least lower the cost of the claim. While, not every insurer has the technology themselves to adapt and be notified in real time of a potential threat, there are a few, such as Hippo Insurance who have built their whole insurance model around the ability to perform and catch possible in real time. For instance, with the Free Smart home gadget that Hippo gives to each client for their home, the gadget detects water leaks and frozen pipes.
In the traditional world of insurance you never really had a chance to prevent a pipe burst. If you are fortunate enough, you might have been able to find a leak before it caused too much damage, but by the time most of us find a leak the damage has been caused. Usually Mold ensues which on most occasions causes the claim, repair and ultimately settlement of the claim to cost more money for the insurer, and more grief for the (client) insured.
Now, let’s get to the good part for you as the consumer and end user insured. All that great Smart home technology that you have embraced for other reasons, affords you a chance to save hundreds and possibly even thousands of dollars per year, depending on your home, where its located, its value and several other underwriting factors. In the case of Hippo insurance, they have built into their model for up to 25% overall savings annually. Depending on the different technology your home currently has or will have while it’s insured.
Even if you take the simplest of tasks and put them at your Alexa or Google home’s fingertips, they could remind you to change the batteries in your smoke detector.
Fact of the matter is, Insurers are always looking for ways to lower losses, save lives, and decrease the amount of money and time it takes to pay out a claim. So why wouldn’t they want to embrace Smart Home technology and offer discounts to people who want to pay more attention and care to their home and are willing to take a few preventative steps to make that happen? One thing to note however, is that it will be companies like Hippo you will drive the charge to make all these discounts and the simplified claims process a reality, because they have built their model as a technology company first. Second, the team at Hippo created policies that are underwritten by partners with nearly 200 years of experience and over $200 billion in assets. So, now you can have a Smart home and Smart savings!
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