According to the LexisNexis white paper, home water leaks waste more than one trillion gallons of water annually nationwide. (Photo: Shutterstock) According to the LexisNexis white paper, home water leaks waste more than one trillion gallons of water annually nationwide. (Photo: Shutterstock)

From Nest thermostats to internet-connected kitchen appliances, smart home technologies have experienced a wave of innovation and adoption in recent years. Consider how the smart home device market has grown from $15 million in annual revenue in 2017 to more than $23 million in 2019, according to Statista data. Statista also projects that the U.S. market will reach $41 million in revenue by 2023, with 46% of households expected to have at least one smart home device.

It’s undeniable how the Internet of Things (IoT) devices have improved the lives of homeowners worldwide (albeit with a few risks), but they also offer a significant opportunity to insurers that are hopeful the data generated from IoT devices can offer a better understanding of risks.

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Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].

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