For most Canadians, Wi-Fi is considered a necessity within their home. Smart home technologies have emerged as the Internet of Things has expanded beyond the world of online browsing to connecting you with your home appliances and home functioning. This smart home technology can include a wide variety of internet connected devices. Smart home technologies can be integrated into your home regardless of whether you already have a Smart Home hub. Most of these technologies offer independent solutions which encourage homeowners to integrate these technologies into their home. With this growing trend, insurance companies have recently begun offering discounts on home insurance policies for those homeowners who have invested in smart home technology. By investing in smart home technology, you can not only help update your home and keep it safer while you are away, but you can also save money on your home insurance and energy.

Some ways to protect your home using smart technology, and which may currently or perhaps in the future offer you insurance discounts, include:

Smart Thermostats

Smart thermostats, these devices are programmable to monitor your homes temperature and adjust your heating and cooling schedule based on learned algorithms which predict the most efficient temperature for you.  Smart thermostats can help lower your energy bill almost immediately.

Smart Smoke Detectors

There are now several smart smoke detectors available that will detect smoke, fire and carbon monoxide all in one unit. The unit will send a message to your smartphone in the event of an emergency.

Water Sensors

Strategically placing these sensors near appliances such as your dishwasher, washing machine, bathtub or kitchen sink can allow you to receive a notification in the event of a leak.

Smart Locks

Smart locks allow a homeowner to quickly gain access to their house using their smartphone. Gone are the days of losing your house key and leaving a spare under the front mat.

Timed Lighting

Helping to reduce the risk of break-ins by making your home appear occupied, timed lights can be programmed through your smartphone.

Door and Window Sensors

When you are away on vacation you can set-up your sensors to alert you of any unauthorized opening or closing of your windows.

Although some of the smart home technology may be limited in how it relates to an insurance issue, the possibility for future integration with home insurance is immense.  Installing products that could sense danger (i.e. knowing a pipe will burst before it bursts or knowing a washing machine will flood before it floods) could help prevent insurance claims or assist in the claims process (i.e. sensing a flood has occurred, the device turns off the water to the house and calls a plumber).

How far will smart technology go in a home?  With seemingly no end in sight for technology advancements, perhaps one day we will all be living in a Jetson-like world.  Until then, contact your Insurance Broker today to discuss how smart home technology can help save you money on your home insurance.

If you ever have questions regarding your home insurance policy or coverage in general, contact Rizk Insurance today and we’ll help answer any inquiries you may have.

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