• Home
  • Lending Tips
  • Marketing
  • Products
  • Stories
  • Operations

CU Members Matters

Welcome - click here to learn more about CU Members Matters
  • About
  • Contact
  • For Your Members
You are here: Home / For Borrowers / Save On Insurance with Smart Home Discounts

Save On Insurance with Smart Home Discounts

by cumembers Leave a Comment

Having a connected home offers a broad range of benefits that include unparalleled convenience, increased efficiency, and superior security. On top of all this, upgrading your home with smart devices can also have the benefit of earning discounts on your homeowners or renters insurance.

What smart home devices are eligible?

You shouldn’t expect to receive a discount on your insurance if you just have a device like an Amazon Echo or Google Home. While these gadgets are great in many other ways, they won’t lead to a reduction in insurance costs. You likely also won’t qualify discounts for devices like smart bulbs or smart plugs even though they help increase efficiency.

According to The Simple Dollar contributor Drew Page, only a handful of device types currently tend to qualify for discounts with certain insurance providers. These devices include wireless security systems, smart doorbells with video capability, connected smoke detectors, water and gas shutoff sensors, and smart thermostats. If you have one or more of these devices, contact your insurance provider and see what discounts they offer and learn if your device qualifies.

Like all smart devices, these five present advantages in terms of convenience and peace of mind. Wireless security systems allow you to keep an eye on your home while you’re away, protecting you in the event of a robbery or home invasion. Smart water and gas shutoff sensors guard against flooding and gas leaks by notifying you when issues arise and enabling remote action. Because they can mitigate risk for insurers, you may stand to benefit with a lower premium.

The potential risks of sharing your data

As Page points out, the rewards of using smart devices are not without risks. The same can be said of following up with your homeowners or renters insurance provider to earn discounts on your premium. Chief among these concerns is providing companies with access to your data.

Page points to a 2016 article in MarketWatch from contributor Kari Paul, which calls into question the motivation of insurance companies. Many companies have forged partnerships with smart device brands, passing on discounts on devices and installation as well as possible discounts on your premium. Paul suggests that this might allow insurance companies to monitor your behavior and penalize you for how you use devices, potentially increasing your premium.

There’s also the concern of responsibility in the event of a data breach. Page writes that the responsibilities of companies that collect your data are not clear or particularly well-defined, which could leave you in peril if your data is stolen by hackers.

Upgrading your home with smart devices is generally a sound decision, particularly if you want an added sense of security and convenience. If you’re interested to see how you could further with discounts on devices, installation, and your insurance premiums, contact your insurance provider.

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Google+ (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to email this to a friend (Opens in new window)
  • Click to print (Opens in new window)

Related

Filed Under: For Borrowers, For Your Members Tagged With: home insurance, renter insurance, security systems, smart home, smart home devices

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Subscribe to Our Newsletter

Check your inbox or spam folder to confirm your subscription.

CU Members Mortgage logo
Visit Us On TwitterVisit Us On FacebookVisit Us On Linkedin

Industry Resources

  • CU Members Mortgage
  • ACUMA
  • CUES
  • CUNA
  • MBA
  • Mortgage Action Alliance
  • NCUA
  • CFPB Toolkit

CU Members News

CU Members Mortgage Continues 2021 Webinar Series with Smooth Mortgage Lending Transactions Featuring Blaine Rada

CU Members Mortgage Continues 2021 Webinar Series with Smooth Mortgage Lending Transactions Featuring Blaine Rada

By cumembers Leave a Comment

CU Members Mortgage Hires Two New Executive Sales Consultants

CU Members Mortgage Hires Two New Executive Sales Consultants

By cumembers Leave a Comment

More CU Members News

CU Members Twitter Feed

CU Members MortgageFollow

CU Members Mortgage
CUMembersMtgCU Members Mortgage@CUMembersMtg·

Come say hello to Conrad John at Tennessee Credit Union League Annual Meeting! He would love to share with you what we have ahead at CU Members. #tennesseecreditunionleague #peoplehelpingpeople #creditunionserviceprovider

CUMembersMtgCU Members Mortgage@CUMembersMtg·

5.0 star review received on http://Experience.com for Greg Gardon by Joyce T - He was always there for us. He answered every question and helped us fill out everything we needed help ...
https://pro.experience.com/reviews/greg-gardon/e57ed3a1-5be3-40cd-ad67-4a8de6f626ba?V=1652747856

CUMembersMtgCU Members Mortgage@CUMembersMtg·

5.0 star review received on http://Experience.com for Rudy Huling by Helen G - My experience with Mutual Credit Union Mortage was absolutely WONDERFUL!!!!! Rudy, you are the absolute ...
https://pro.experience.com/reviews/rudy-huling/fe1e6273-af91-4818-81a8-b816bb3f434a?V=1652715891

CUMembersMtgCU Members Mortgage@CUMembersMtg·

5.0 star review received on http://Experience.com for Jill Crawford by Michael B - Overall end to end experience was great.
https://pro.experience.com/reviews/jill-crawford/f7dd40d2-c01a-45cf-b776-8d531cf6997c?V=1652715104

Quick Links

  • Contact Us
  • About
  • For Borrowers
  • For Borrwers with Closed Loans

Recent Posts

Homebuying Migration to Suburbs & Exurbs is an Opportunity for CUs

Small Ways to Save Every Day

Mortgage Closing Scams: How to protect yourself and your closing fund

Visit Our Website
Equal Housing Lender
Copyright © 2022 | CU Members Mortgage
CU Members Mortgage is a division of Colonial Savings, F.A. NMLS 401285

CU Members Mortgage and Colonial Savings do not endorse or recommend any third party companies or sources of information. While we publish content about various financial topics, we do not provide tax or financial advice of any kind. Consult your financial or tax advisor for your specific situation. We are not responsible for the content or security of any third-party link published on Colonial Wallet Wisdom. The site or sites you may be linking to may be more secure or less secure than our own. The information herein is subject to change and is not an offer to extend consumer credit as defined by Section 1026.6 of Regulation Z. Mortgage rates and terms subject to change without notice. All Rights Reserved. Includes copyrighted material of IMakeNews, Inc. and its suppliers. Privacy Policy Notice

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.