Several insurance companies have started offering discounts on homeowner policies for certain smart home devices, according to an analysis by S&P Global Market Intelligence.
At least nine companies in various states are offering rate reductions on policies for homes that have a range of smart devices. The homes could have connected devices such as as video doorbells, smart locks and connected thermostats.
American Strategic will apply a additional discount if a homeowner shares smart-home device data with the insurer, to help it calculate the reduction in loss costs related to smart home technology. The discounts apply only to devices that send notifications to the homeowner’s mobile device.
Secura Insurance A Mutual added smart-home devices to its protective device discount, providing a 5% discount for self-monitored burglar, temperature and fire alarm systems and New York Central Mutual Fire Insurance will apply a 6% discount for similar self-monitoring smart systems.
First Community Insurance in South Carolina is offering a three-tiered discount for water leak detection devices.