Smart home devices are a smart choice to help prevent damage

Can smart home products help protect the home from common home risks? A new study from Nationwide^® and Resideo explored that question, and the results show that smart home tech is making a big difference in helping prevent major damage.

In late 2023, Nationwide partnered with Resideo to offer U.S. homeowners tech-enabled prevention capabilities to help avert unexpected damage that occurs in the home. As part of this partnership, the companies analyzed the role Resideo’s Honeywell Home and First Alert devices played in loss prevention for their customers.

Their analysis^* showed both a frequency and severity reduction for customers who had at least one Resideo device installed. For example, the study* found that the customers with protective First Alert or Honeywell Home devices are experiencing loss frequency and severity benefits, yielding a reduction in average claim costs of $4,000.

“The results highlight the potential for tech-enabled prevention capabilities to help avert unexpected damage and suggest benefits of catching hazards early,” said Linsey Miller, Resideo, Senior Vice President, Business Development & Strategic Marketing. “There are several cost-effective Smart Home device options that can offer awareness and control to help prevent costly water, fire or other security-related damage to your home.”  

Nationwide’s 2024 Homeowners** survey reveals that smart home tech has increased over the last year:  

• 42% own a smart video doorbell (up 8% from 2023)
• 36% own a smart thermostat (up 6% from 2023)
• 38% own smart home security cameras (up 5% from 2023)
• Only 25% own a smart sensor to monitor for smoke or carbon monoxide
• Only 10% own a smart sensor that can monitor water flow and leaks

A water leak detection device can be one of the easiest to set up. They simply need to be placed near a toilet, water heater, sink, or laundry area to monitor for leaks. Beyond detecting leaks, Resideo devices also monitor temperature and humidity which can help prevent frozen and burst pipes, as well as moisture in the air that could lead to mold and mildew damage.

“The biggest miss among homeowners is not having at least one of these devices in your home,” said Sarah Jacobs, Nationwide’s Vice President of Product Development. “Being able to detect a problem as it happens not only can save homeowners money, but it also can provide them peace of mind knowing that your home - one of your most important assets - is better protected with smart detection.”

For more information about the Nationwide Smart Home program, click here.  

*The study included 3.6M policies and 86,000 smart home devices and reviewed insurance claims from fire (non-wildfire), water (including weather), liability and theft, and other non-weather events, including vandalism.   

**Nationwide Agency Forward Homeowner Survey – SmartHome Results

This article originally appeared in Nationwide, and and it has been reposted with permission.