Educating homeowners about the expanding landscape of smart home technology can bridge the knowledge gap , addressing concerns that stem from unfamiliarity . Highlighting not just the features but the practical benefits — how these devices can help reduce claims , streamline daily routines , fortify security and deliver substantial savings — can instigate a paradigm shift . •
MARKETPLACE underscoring the fundamental role these devices play in mitigating risks .
Recommendations from insurance agents often highlight specific smart home products designed to proactively manage and prevent potential hazards . The most frequently suggested devices are :
• Smoke or carbon monoxide monitoring sensors ( endorsed by 56 % of agents )
• Smart locks ( recommended by 54 %)
• Leak-prevention sensors capable of shutting off water in case of a potential leak ( also endorsed by 54 %)
These recommendations aren ’ t arbitrary ; they directly target common vulnerabilities within a home , providing a layered defense against various risks .
One particularly crucial area where smart home technology proves invaluable is leak detection . Leveraging Internet-of-Things sensors strategically positioned in key areas , these devices can alert homeowners through smartphone apps to potential water leaks . This real-time monitoring empowers homeowners with immediate awareness and the ability to take swift action , preventing extensive damage that water leaks can cause .
THE HOMEOWNERS ’ PERSPECTIVE ON SMART HOME DEVICES
Homeowners are increasingly drawn to smart home technology for three key reasons according to the survey . The allure of reducing anxiety resonates strongly , with 44 % of homeowners in the survey acknowledging that smart home products ease their worries . In addition , 34 % of respondents prioritize energy efficiency , recognizing the potential for these devices to create more sustainable and costeffective households . Furthermore , 35 % perceive the undeniable value proposition : the benefits outweigh the costs , cementing smart home tech as a worthwhile investment in their eyes .
However , despite the evident advantages , a notable portion of homeowners remain on the sidelines . Their reasons for not using smart home technology often revolve around concerns about cost , perceived necessity and a knowledge gap . According to the survey , 45 % find the price tag of these products or subscription services prohibitive , marking expense as a primary deterrent . Another 44 % feel they simply don ’ t need smart home products , considering them unnecessary for their lifestyle or home setup . Additionally , 34 % grapple with a lack of understanding about the intricacies of smart home technology , leading to hesitancy in adoption .
Getting homeowners who have hesitated or dismissed the idea of smart home technology to reconsider is pivotal to reducing risk . The landscape of smart home devices is continuously evolving , with a broader array of affordable options catering to various needs . The initial barriers of cost are gradually eroding as the market diversifies , making these innovations more accessible . Furthermore , understanding the fundamental benefits — be it reducing anxiety , enhancing energy efficiency , or justifying costs through tangible advantages — can reshape perspectives on the necessity and value of these devices .
Educating homeowners about the expanding landscape of smart home technology can bridge the knowledge gap , addressing concerns that stem from unfamiliarity . Highlighting not just the features but the practical benefits — how these devices can help reduce claims , streamline daily routines , fortify security and deliver substantial savings — can instigate a paradigm shift . •
Nationwide commissioned Edelman Intelligence to conduct a 15-minute online survey among a sample of 1,000 U . S . homeowners and 400 independent insurance agents between May 15 and June 2 , 2023 . As a member in good standing of the Council of American Survey Research Organizations , Edelman Intelligence conducts all research in accordance with the Code of Marketing Research Standards .
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