It’s amazing how quickly our homes have gone from “dumb” stacks of wood, insulation, drywall, and other materials that have been nailed together so they can protect us from the elements to state-of-the-art dwellings that we can connect to (using our smartphones and other such devices) and communicate with.
That evolution is only going to accelerate from here on out due to how rapidly the technology behind the “smart home” trend is advancing and the costs associated with it are decreasing.
Things should move forward even more speedily once insurance companies jump on the bandwagon. At the moment, only a few providers offer discounts or rebates that are tied to the implementation of “connected home” gadgets and products.
In the meantime, here is some of what you should know about how smart-home technology works, why you should and even shouldn’t care about it, and why insurance companies are sure to increase their support of it in the coming months and years.
When people talk about connected-home or smart-home technology, they’re usually referring to devices or gadgets that allow them to communicate and interact with various components of their humble abodes using computers, smartphones, and tablets.
Some of the things this technology lets homeowners (and renters) take care of remotely:
It also often allows them to receive alerts and real-time data related to some or all of the above, with the high-level result being that it helps “mitigate disaster, minimize loss of life, and keep home and property safe,” says Mary Miller, senior director of corporate marketing at Milpitas, California-based Sigma Designs and a principal board member of the Z-Wave Alliance, a consortium of connected-home product manufacturers.
Full story: Smart-Home Technology and Homeowners Insurance