The home has become far less of a background character within the past 18 months. With remote work becoming more common, the home, and as a result the appliances and systems within a home have been receiving a lot more use. But while homeowners have flocked to smart security products for safety and protection during this period, smart monitoring solutions like those used to monitor water leakages, are still getting overlooked.
A recent Nationwide survey found that while 66% of homeowners currently own at least one smart home device, only 7% use sensors that monitor for water leaks. Only 27% stated even knowing about sensors that monitor water flow and leaks, and less than 24% are aware of sensors that can shut off water in the event of leaks.
“The #1 cause of avoidable claims for Nationwide homeowners insurance policyholders is nonweather related water loss, with most of those claims coming from pipe, fixture, or water heater leaks,” said Beth Riczko, president of personal lines at Nationwide. “With the Insurance Information Institute reporting the average water damage and freezing event causes more than $11,000 in damage, homeowners should consider these types of sensors to provide an extra layer of protection.”
Incorporating Smart Monitoring Solutions Into Smart Homes
Homeowners already using smart technology have done so either to reduce anxiety (42%) or make their homes more energy-efficient (33%) according to the survey. Meanwhile, those that aren’t are being kept away by costly price tags (47%), lack of knowledge on smart home technology (32%), and security concerns (29%) are keeping homeowners from owning smart home technology.
However, 64% of them said they would be interested in using them if it helped reduce their premiums.
Smart home technologies that monitor hazards in the home are already popular amongst homeowners, and their usage is only expected to increase as time goes on. According to the survey, 59% of homeowners own a video doorbell and 59% again own home security cameras. Incorporating a water leak detector can likewise keep a homeowner informed of what’s going on in the house, even when they aren’t at home.
As Nationwide finds, not using these devices are leaving homeowners vulnerable to costly water damage, especially as systems experience increased strain from more frequent usage. There is also a clear interest from consumers to have these products, leaving technology integrators the main emissaries of bringing awareness to these potential solutions.