Many early adopters of smart-home gadgets were in it to save money on heating and electricity bills, but now there’s a new bonus to smartening up your home: insurance breaks.
In 2013, State Farm paired up with ADT and Lowe’s. First, State Farm customers could get discounts on connected home-monitoring equipment from those brands, including smoke detectors and thermostats, which in turn could lead to 10 to 15 percent reduction on their home or renter’s insurance. Right now, State Farm is one of the few insurance companies offering such a discount, but as the smart device market grows — mainstream adoption is expected by 2019 — the practice could become more widespread.
Smart thermostats and security systems are expected to be among the most common connected home devices in the next five years; people are generally concerned with saving on their heating and cooling bills and keeping their homes safe. But something like Nest — coupled with Dropcam, August smart locks, and other Works With Nest devices — is exactly what insurance companies like to see in their customers’ homes.
Read more: http://www.digitaltrends.com/home/smart-home-device-get-homeowners-insurance-discounts