Amid the pandemic, many are wondering if the use of technology is going to continue to rise. In many instances, the answer is yes. Such is the case with smart homes.
A new report points to the importance of incorporating smart-home technology. LexisNexis Risk Solutions released an insurance claims study revealing that in-line water shutoff systems correlate with a decrease in water claims events by 96%.
The study measured the changes in the number and severity of water-related home insurance claims with the Flo by Moen Smart Water Shutoff device against an uninstalled control group of homes in the same geolocation one year before and after installation.
Here is what it found: Prior to installation, 2,306 Flow homes had an average claims severity far greater than the control group two years prior to the installation of the device. The study also found a corresponding 72% decrease in claims severity one year after installation of the device, indicating that smart water shutoff systems are working.
The key takeaway here is that water leak mitigation and the time and money saved could help drive adoption of these smart home devices, ultimately reducing loss costs, improving the customer experience, and more.
This is in line with other reports that the smart homes market, in general, is on the rise. Mordor Intelligence says the market was valued at $64.6 billion in 2019 and is expected to reach $246.42 billion by 2025, a forecasted 25% growth rate, even amid a pandemic. The research shows there is a greater need for security and wireless controls. Further advancements in the IoT (Internet of Things) have resulted in price drops of sensors and processors, which are expected to fuel automation in the home.
While there is much to consider when it comes to smart-home technologies, research points to a continued rise in the years to come.
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