Several recent surveys have found that Americans don't know muchabout smart home technology. A recent study conductedby the Harris Poll reinforced this, finding thatthe most common smart home item is the wireless speaker system. Ofall the smart technology available, 17% of Americans have one ormore wireless speakers systems at home, followed by 11% who have asmart thermostat and 9% with a smart/wireless home securitysystem.
|Lack of awareness is one reason for smart technology's absencefrom many U.S. homes but cost is another. According to the HarrisPoll, 88% of Americans consider smart home items too expensive.Thirty-seven percent would consider making a purchase when pricesdrop.
|Most revealing, the survey found that terminology is significantin measuring consumer attitudes and familiarity. Nearly two thirds(64%) of Americans say they don't know much about smart hometechnology, while Nielsen's Connected Life Report—a biannual studyof consumer needs, preferences, attitudes, and behaviors around newand emerging technologies related to connected cars, homes andwearables—found that just over half of household decision makers(53%) say they know what connected home technology does.
|Smart home technology provides several opportunities forinsurance agents and brokers. They can educate their homeownerclients on the issues surrounding use of the technology, especiallyprivacy concerns. But they also can discuss the ways the technologycan help clients manage risk and improve their coverage profiles,reducing rates—critical concerns for homeowners and home-based businesses.
|[Related: Smartest house on the block: Hometelematics and their window forinsurers]
|This chart from Statista shows the percentage ofpeople who have one or more of these devices at home in 2015.
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Source: Statista
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
