With the development of smart technologies over the past few years the high-tech security systems once only affordable for the rich households or commercial properties, are now freely accessible by the average household.
The term “connected home” is recognised by over 75% of the UK public according to a survey by MoneySuperMarket. Other concepts such as smart sensors, IOT, video doorbells and digital assistants are becoming commonplace.
Someone with a connected home will have devices throughout their home which are controlled by a smart phone or voice control through a home assistant such as Amazon Alexa. Smart devices may include smart thermostats such as Nest, smart lighting, and video doorbells. Smart phone ownership is helping to grow these technologies, with 79% of UK adults in 2019 owning a smart phone.
While some uses for smart devices such as asking Siri to turn your lights on or changing the colour of your lighting dependent on the music you play could be deemed as conveniences, one of the real tangible benefits of smart technology is the use of connected devices to boost your security at home.
Some of the security devices available include:
Video Doorbells
One of the better-known brands in the market is Ring, and it and some of its main competitor boast several key benefits. First of all the video stream from the device can be watched through your smart phone or tablet, and notifications sent to one or more devices when the camera is activated by motion or noise. Through the app provided with the device you can communicate directly with the person pressing the bell and can also cycle through video footage to see what happened outside your property at a certain point in the last days. Infrared footage and the motion detection also provide security at night. An added advantage is also being able to communicate with delivery people to ask them to leave a parcel in a certain place.
Smart Sensors
Placed strategically throughout and outside the home, smart sensors are used to notify you via your smart phone when motion is detected. From as little as £30 per sensor this is a cost-effective way to cover every angle of your property from uninvited guests. Sensors can also be connected to lighting to act as a deterrent to burglars. By connecting sensors which monitor all main access points in your home including doors and windows, your security system has become cutting-edge.
Smart Cameras
Like video doorbells, smart cameras record and notify of movement, and can be placed in various places throughout your property with their own individual video streams which can be watched together or separately. Motion triggers a notification to your smart phone and allows you to watch live footage from the camera, allowing you to decide if to call for the police or remind yourself to let the dog out!
How Does Smart Technology Affect Your Home Insurance?
Protecting your home from break ins and damage can only be beneficial. Providing you with early warning systems the smart cameras, doorbells and sensors allow to deter damage and call for help from emergency services before damage is done.
According to the Association of British Insurers (ABI) 30% of household insurance claims are due to escape of water, costing the industry £3.9m per day. Some smart devices on the market not only notify you of a leak, but also allow you shut off the water supply to the leaking system. Such a system is clearly advantageous to not only the homeowner but also insurers, such as insure4retirement.co.uk.
While uptake on water leak smart devices has been slower than security devices, there are huge opportunities for innovate technology companies and insurers to develop such technologies to allow for lower premiums, and less water damage claims. With 58% of Brits saying they would buy smart devices if it reduced their insurance premium its obvious that there is a market opportunity here.
Sources
- https://www.moneysupermarket.com/home-insurance/connected-homes/
- Ofcom Communications Market Report 2019
- https://www.abi.org.uk/news/news-articles/2018/12/is-water-damage-covered-by-insurance/
- Home Insurance UK, December 2019 Mintel Report
