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IoT in the home. Commercial properties experience the same risk scenarios as homes such as burglaries, fire and water damage, but from a much larger perspective. (Photo: Shutterstock)

On the heels of the announcement that Hippo Insurance is going public with a valuation of $5 billion, there is a lot of industry buzz around Internet of Things (IoT) devices. Hippo provides all its insureds an IoT starter kit, which comes with five sensors. They recommend installing these sensors at the front door and garage door to let you know whether or not they are open, on the floor near the water heater and washing machine, and in the ceiling of the kitchen to act as a smoke alarm.

The benefit to the homeowner and the insurer is that they provide immediate notification of the vast majority of burglaries, water leaks and fire risks that exist within homes. This advance warning allows Hippo to provide up to a 25% premium reduction versus traditional insurance policies. So what does that mean for commercial insurance?

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