Nationwide Insurance has become the latest large insurer to expand its use of leak-detection and other sensors for homeowners, offering a small discount on premiums.
The company announced this week that it has teamed up with Notion, a firm affiliated with Comcast, the national TV cable and communications company. Customers who opt in to the Nationwide smart home program will receive a discount on the monitoring systems and a $50 reduction in annual premiums.
The Internet-of-Things sensors can be placed in key areas and can alert homeowners to water leaks, open doors and windows, and temperature changes, through the use of a smartphone app, the companies said in a news release.
Nationwide noted that interest in the technology is on the rise. A recent Nationwide study found that 66% of homeowners currently own at least one smart home device, and 64% are interested in using smart home technology if it helps reduce their premiums.
Other insurers are plunging in. Chubb said earlier this year that it had deployed sensors to more than 300 of its insured buildings, with more on the way. Homeowners can receive a 3% credit on their premiums for leak sensors and up to 8% on water-line shutoff devices.
The idea is to save thousands of dollars for insureds and insurers by stopping leaks and other problems before they can cause significant losses.
Notion has been working with Nationwide since 2020 and the number of Nationwide insured households using the Notion systems has grown by five fold in the last year or so, the companies said.
