With more IoT devices than people in the world, we are reaching a point where they have a tangible impact on our daily lives. Even home insurance policies have caught up to this trend, and you will now find it may be possible to get cheaper insurance when you have IoT in the home. So, why is this, and what benefit does it offer you?

The following are some of the most significant ways “Internet of Things” devices can help you. 

Utilize IoT Devices for Notifications

Advancements in home technology mean you can always have a direct line from your smart home to you or your relatives. If something goes wrong in your house, you can receive a notification to prevent the issue from exacerbating, like a water leak or moisture detection.

Reduced Likelihood of Claims

When buying home insurance, inform the agent that you have IoT devices. They may have ways to reduce the price of your insurance premium through discounts from the carrier. While saving yourself money you can provide your family with substantial protection. There are several ways they do this, including:

Theft Risk Mitigation

When criminals look around a neighborhood to find a place to steal from, they are more interested in locations they are unlikely to get caught. If they see motion detectors or a Ring doorbell, they know the home has a high level of security, meaning the owner will note their presence. Due to the cloud saving of footage from such devices, their image will also be retrievable.

Devices connected to the Internet can also automatically adjust their lighting based on a fixed schedule the homeowner sets up. This makes it seem to would-be thieves that someone is home.

All these protect the property and make it much less likely a claim will occur.

Fire Warnings

By installing smart smoke detectors in the home, people can be warned if something is occurring where they need to intervene. Whether this is a small kitchen fire or a cigarette fire, they can ensure the damage does not get out of hand.

Water Damage Prevention

Water/moisture detectors around the home can alert you to a leak from a pipe, ice maker, washing machine or hot water heater. They can also inform you if one area is much too humid. This will mean you can respond quickly and prevent further water damage from occurring to your home and personal property.

Stopping water from harming the home also lowers the risk of mold and prevents structural problems later down the line. 

Streamlining the Claims Process 

IoT can help in the claims process when something happens to your home. This technology can save time when you make the claim and allow you to prove your claim with ease.

More Evidence

IoT devices are always collecting data so long as they are plugged in and switched on. This means they can provide a great deal over a long time. They can show usage patterns and any changes in the environment and detail when a situation goes outside of an expected norm.

For example, you can see this in your data history if you only use a specific amount of electricity every evening due to your daily habits. If there is a sudden spike in this energy usage, this came from a change in the circumstances in the home rather than ongoing neglect.

By offering this data to an insurance company, you may be able to provide insight as to how the loss occurred and expedite the claims process.

Accurate Data

Much like receiving more evidence, information from IoT devices is much more accurate than visual assessments. The data you receive will have timestamps and well-documented information at all times. In the case of a Ring doorbell, for example, it will show what was happening, when it was happening, and what noise was occurring.

You can then use this in discussions with your insurance company and/or the police, if necessary, to communicate the finer details of any claim.

Faster Claim Submission and Processing

Because the devices store all this data in the cloud, you can access it anytime. You can also download it and put it on another device or pass it on to an insurance company without hassle. 

IoT Devices Are Not the Only Factor in Insurance

The above should have given you an understanding of how IoT Devices can work with your home insurance policy. Ask us about how you can earn discounts on your premium when utilizing devices that help to prevent or minimize claims in your personal or business usage.