Competition increases among homeowners insurance providers as more policyholders want smart home devices and are willing to switch carriers to get them. (Credit: Gorodenkoff Productions OU/Adobe Stock)
Insurance costs are rising nationwide, and homeowners and insurers are both looking for ways to reduce costs and prevent property damage. Smart home devices may do the trick.
A research study by Parks Associates evaluated insurance opportunities in smart homes and found that 33% of U.S. households with internet would switch their homeowners or renters insurance provider to access smart home devices and discounts. The study surveyed 8,000 people to evaluate how Internet of Things (IoT) technologies could impact insurance premiums or claims. They found many policyholders want to upgrade their homes and improve safety and security with smart home devices.
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