How smart-home devices could save you money on home insurance

A smart thermostat can turn up the heat in your home before you roll out of bed. A smart speaker can play your favorite podcasts with a voice command. A smart lightbulb can be turned on or off from across the room.

But smart-home devices aren’t just about convenience. Because some of them can help keep your home safe and secure, they could also earn you a discount on your homeowners insurance.

Discounts for smart-home devices

NerdWallet reached out to a dozen insurance companies and found that most of them offer discounts to homeowners with smart-home devices designed to prevent water damage, fire or theft. In our research, we found companies advertising homeowners insurance discounts up to 13%, depending on the device and where you live.

Among the companies we surveyed, the smart devices most commonly eligible for discounts were water leak sensors, security cameras and smoke detectors. However, insurers like Farmers and Lemonade also offer savings for smart locks, while Amica and Farmers give discounts for motion sensors.

If you already own a smart-home device, ask your carrier whether you’re eligible for a discount.

Some insurers have partnered with smart-home technology companies to make the devices more affordable — or even provide them for free. For example, State Farm policyholders in most states can sign up for three years of free Ting service. Ting provides a plug-in that monitors your home for electrical problems that could cause fires.

Hippo, a homeowners insurance startup, gives policyholders in eligible states free smart home-monitoring kits from partners such as Kangaroo and SimpliSafe. As long as the policyholder installs the devices and keeps them active, they can save up to 13% on their homeowners insurance.

Amica policyholders can save when buying select smart-home devices from Moen, Guardian or…

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