Smart Homes, Smarter Savings: Big Discounts on Your Homeowners Insurance

The world of insurance can feel complex, with terms like "homeowner insurance discount" and "auto insurance premium" getting thrown around. But what if you could unlock significant savings on both your home and auto insurance simply by making your home smarter?

Many insurance companies now offer discounts to homeowners who install certain smart security devices. These devices not only deter potential break-ins, but can also help mitigate damage from leaks and fires, making your home a safer place for you and a less risky proposition for insurers.

The Power of Bundles:

Many insurance companies offer substantial discounts when you "bundle" your home and auto insurance policies. This means insuring both your car and your home with the same provider, often leading to a significant reduction in your overall insurance cost.

Discount Potential:

Up to 20% Discount: Studies suggest homeowners with qualifying smart home devices can see reductions in their homeowner's insurance premiums by up to 20%.[Source needed]
Average Range: A more conservative estimate suggests an average discount range of 5% to 15% for implementing smart home security features.

Security Systems and Smart Homes:

Here's where things get interesting. Equipping your home with a security system or smart home devices can further qualify you for additional homeowner insurance discounts. These devices not only deter potential break-ins, but can also help prevent water damage and fires, making your home a safer bet for the insurance company.

Security Cameras & Doorbell Cameras: Having a watchful eye, even virtually, can deter burglars. Live video feeds and motion-activated alerts can scare off intruders and provide valuable evidence if a break-in does occur. Discounts for installing these cameras can range from 5% to 15%.
Smart Locks & Door Sensors: Control who enters your home remotely and receive alerts when doors or windows are opened unexpectedly. These features can demonstrate a proactive approach to security and lead to discounts of 2% to 8%.
Water Leak Detectors & Smart Shutoff Valves: Prevent a small leak from turning into a major disaster. These devices can detect moisture and automatically shut off the water supply, potentially saving you thousands of dollars in water damage repairs. Discounts for these can range from 5% to 10%.
Smoke & Carbon Monoxide Detectors: These life-saving devices are essential for any home, and some smart versions can even send alerts to your phone or notify emergency services in case of a fire or CO leak. Some insurers offer small discounts (around 2%) for having these up-to-date safety features.

Popularity on the Rise:

Growing Trend: A recent survey by Policygenius indicates that over 40% of homeowners are interested in using smart home devices to qualify for insurance discounts. (Source: https://www.knellerins.com/blog/insurance-discounts-with-smart-home-devices)
Carrier Catch-Up: While not all insurance companies currently offer smart home discounts, the trend is rapidly growing, with more insurers recognizing the value these features bring to risk reduction.

Kangaroo's Dory: Simplifying Insurance Savings

Kangaroo offers a program called Dory specifically designed to help you claim all the insurance discounts you deserve. Here's how it works:

Effortless Assistance: If you're a Kangaroo user, simply contact Kangaroo Home Security through the provided methods (phone, chat, or email). GuRoos (Kangaroo experts) will handle the legwork, obtaining your home insurance details and working to secure a discount based on your Kangaroo devices.
Privacy-Conscious Option: Don't feel comfortable sharing your insurance details? No problem! Kangaroo can provide you with a security certificate that highlights your Kangaroo security setup. You can then submit this certificate directly to your insurance provider for evaluation.

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Before You Shop:

It's important to remember that not all smart home devices are created equal, and not all insurance companies offer the same discounts. Here are some key points to consider:

Contact Your Insurance Provider: Don't assume all companies offer smart home discounts. Talk to your current insurer (also known as your insurance carrier) to see what specific devices and features they reward with reduced premiums.
Shop Around for Quotes: Get quotes from multiple insurance companies (also known as insurance providers) to compare their homeowner and auto insurance rates, including potential discounts for smart home features.
Consider an Insurance Agent: An experienced insurance agent can help you understand different types of insurance (like flood insurance for flood-prone areas) and find a policy with the best coverage and discounts for your specific needs (e.g., new home, condo, renter).

Additional Factors Affecting Cost:

Remember, several other factors can impact your insurance costs beyond smart home features:

Deductible: This is the amount you pay out of pocket before your insurance kicks in. Choosing a higher deductible can lower your premium, but also means a higher upfront cost in case of a claim.
Credit Score: A good credit score can qualify you for better rates on both home and auto insurance.
Claims History: Having a history of claims can lead to higher premiums.
Location: Your home's location (e.g., state farm areas, areas prone to natural disasters) can affect your insurance cost.
Coverage: The type and amount of coverage you choose (e.g., replacement cost coverage for your roof) will impact your premium.
Safety Features: Homes with features like impact-resistant roofs might qualify for discounts.
Loyalty: Some insurance companies reward long-term policyholders with loyalty discounts.
Payment Method: Some companies offer discounts for paying your premium in full upfront.

A Smarter Investment:

Equipping your home with smart security features is an investment in both safety and potentially, significant savings. By deterring break-ins, preventing water damage, and giving you peace of mind, these devices can provide a valuable return. So, explore your options, talk to your insurer, and unlock the benefits of a smarter, safer, and potentially more affordable home.