With the rise of the Internet of Things (IoT), consumers are more comfortable having connected devices in their lives beyond their smartphones. As of 2021, there are more than 10 billion active IoT devices, and that number is projected to reach more than 25.4 billion devices by 2030.1
Consumers are ready for smart home technology
Your customers have likely heard of smart home devices in some capacity. According to a recent Nationwide survey, more than 55% of homeowners are familiar with popular devices such as smart home thermostats, doorbells and security cameras.2
These devices offer more than just security; they can also provide peace of mind for those living with the risk and unpredictability of owning a home.
The desire for peace of mind and an increased comfort with connected devices have contributed to an uptick in interest in smart home technology, particularly from younger generations. When surveyed, 76% of Gen Z homeowners expressed interest in owning smart home devices compared to 39% of Boomer homeowners.2
To stay on top of technology trends and keep up with consumer demand and interest, independent agents should not overlook the value of smart home technology, especially high-impact devices such as water detection smart sensors.
Why water detection smart sensors?
The data is in; the likelihood of water damage alone makes a strong case for smart sensors. Water damage is the source of most insurance claims — 28.6% of claims, in fact.3 About one in 50 insured homes has a property damage claim caused by water damage or freezing each year.4
Many homeowners don’t fully understand the cost of water damage. It’s more than just the claims; on average, water damage repairs cost $11,000, and that’s before accounting for the loss of irreplaceable items and the accompanying emotional toll.
Unfortunately for homeowners, only 27% say they’re familiar with new smart sensors that can monitor water flow and leaks. Familiarity overall with other types of insurance-based IoT devices also remains low. Fortunately for you, this presents an opportunity to educate customers on the benefits of water detection smart sensors.
Give your customers peace of mind with smart home technology through Nationwide
While water is one of the most common sources of insurance claims, it’s also the most avoidable. Nationwide’s smart home monitoring system from Notion® helps to prevent damage from overflowing bathtubs, frozen water pipes that burst, sewer backups, sump pump failures and more. These same sensors can also help customers keep their homes safe from break-ins and fires.
All customers need to do is place sensors near water sources such as toilets, air conditioners, sinks and pipes. The sensors then monitor for unusual activity and provide alerts to the user’s smartphone or tablet so they can quickly respond to any problems that could otherwise become catastrophic and costly if left unchecked.
While consumers agree that the top three benefits of smart home products are safety, home protection and peace of mind, your customers will also like the cost savings they can offer.2 In addition to what customers can save from minimizing damage with early detection, Nationwide offers a discount on the price of the sensor kit as well as discounts on property insurance when your customers add the smart home program to their homeowners policies.
It’s smart to offer the smart home program to customers.
Though few homeowners have spoken with their insurance agent about smart home products, 64% have expressed interest in smart home devices if it means saving them money on insurance premiums.2 This is your opportunity to further develop your reputation as a trusted source of information for customers.
Nationwide helps make your conversations easier by offering clear, customer-friendly information on how their insurance coverage might be impacted by owning devices and why they should be interested in smart home monitoring. Download this infographic to share with your customers and start the conversation so you can spend less time explaining and more time growing your business.
Offering premium discounts from Nationwide can help you both attract new customers and keep your existing customers engaged — and engaged customers means better retention. Plus, offering the smart home program can support a better loss ratio and provide you with insights into your customers’ property risks. Start your path to smart growth today by adding the smart home program to every homeowners quote.
Availability varies by state, coverage selections and rating factors. Program criteria differ in Washington and California. The discount for smart home participation will be discontinued if an eligible smart home monitoring system is not purchased and activated within 55 days of enrollment. The smart home monitoring system and related support will be provided by the third-party system provider. Nationwide is not responsible for the system of any home monitoring.