InsurTech Center

What's holding insurers back from smart home device requirements?

Can these devices help reduce risks and provide benefits to insurers and policyholders alike?

By Brett Jurgens | February 07, 2022 at 01:00 AM

The bottom line is that smart home devices are not only transforming the way property owners monitor their spaces, but it’s also changing the way insurers work and interact with policyholders. (Credit: Nmedia/Adobe Stock)

Similar to the way auto telematics have changed the auto industry, smart home devices are transforming the way property owners monitor and detect risks within their spaces, and the way insurers operate.

From smart thermostats to sensors and cameras, these devices are helping detect risks like water leaks and sounding alarms before they turn into costly insurance claims, or worse, cause serious interruption to daily life with lengthy repairs. Which begs the question, why aren’t smart home devices a requirement to get property insurance and what’s holding insurers back?

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