Ask any homeowner and they’ll understand the blessing of saving money on home insurance. A necessary evil where you continue to pay money on something you hope you never need to use. The dynamic is odd, the protection can feel vague, but in your time of need, you are thrilled to have a good policy.
Still, saving money is a great aspect of any walk of life, and thanks to the Internet of Things (IoT) and 5G, there continue to be more and more opportunities to do so. This is because many insurers will provide discounts that come from using IoT products and services. We continue to be connected in even more ways than ever before and our homes are no exception. Video doorbells and smart locks are becoming more and more popular as wireless devices continue to expand their reach. From security systems to personal assistants to sensors that help us mitigate water damage, the IoT is helping us protect our homes while saving money in the process.
Different Types of Discounts From the IoT
There are many different discounts available for you to take advantage of. Not everything is right for everyone either. But for those in the right situation, you can add IoT features to your home and spend less on your insurance policy.
Security Discounts
Because theft is one of the most common issues a home insurance company will have to deal with, anything that mitigates the risk of having it happen to a client is encouraged by insurers. Security systems continue to become more and more complex as criminals evolve their tactics. As many as 60% of burglars say that a security system is a deterrent from entering a home and modern security systems give you so many options. You can view cameras on the go, activate and disarm your system from anywhere thanks to your smartphone while your system notifies the authorities in the event of a break-in. 5G is bringing faster speeds which means faster response times and better connections. Insurers can deliver as much as a 20% discount when you install a security system in your home.
Leak Detection Discounts
Leaky or burst pipes can cause untold amounts of damage but these risks can be a thing of the past for modern homeowners. Wireless leak detection systems are a great way to monitor leaks and mitigate damage. Soon, devices will notify each other and best respond to the incident. Whether that is heating your home when possible or melting ice to provide suggested search options on local plumbers and hardware stores, IoT is here to deliver solutions.
Fire Prevention Discounts
Fire and smoke damage can be devastating and deadly. WiFi-connected smoke detectors and carbon monoxide detectors are great ways to modernize your home and protect against destructive forces. Again, 5G works in real-time. As the technology evolves, you’ll be able to focus on getting you and your loved ones to a safe location away from the threat as your devices automatically notify the proper authorities.
5G is Transforming Our Homes
When you sit back and think about it, the most exciting aspect of all of this is that the IoT and 5G are both at the very beginning of their life cycles. We are already finding fun, innovative ways that the IoT is changing the way we operate in and out of our homes. 5G is going to amplify these features even further.
One of the obstacles for the IoT is that it is going to take a significant amount of high-speed Internet to power it. This is why 5G, which is capable of drawing even modern wired connections, is so important. The more devices you have needing broadband, the faster your Internet is going to need to be. This can be a problem for anyone but especially those in rural markets. 5G is allowing carriers to provide new solutions and faster networks for homes that traditionally have gone without.
No matter where you live, devices are getting smarter. Soon, your home could be filled with even more IoT devices capable of communicating with each other even without your input. From the thermostat coordinating your schedule with your personal assistant and using machine learning (ML) to automate your air conditioner to your dishwasher working with a leak detection system to shut off the main water supply and mitigate water damage, there are a lot of possibilities ahead, some of which are already here. As 5G continues to grow, so do the possibilities for your home.