Smart-Home Devices May Save on Home Insurance
While smart-home devices can add a considerable amount of convenience and comfort to your home, they can also help you save money on your home insurance. There are a wide range of smart-home devices that you can have installed in your home - everything from smart thermostats to smart speakers. Before you purchase any of these devices, you should know which devices might save you some money. 
Policy Discounts
Many insurance providers will provide discounts to a homeowner who installs a smart-home device that's designed to prevent theft, water damage, or fire damage. These discounts are generally applied to your monthly premium, saving you money every single month. While there are a wide range of devices available to aid in theft and damage protection, the ones that tend to be eligible for discounts are security cameras, smoke detectors, and water leak sensors.
Certain insurers may provide discounts for other devices like motion sensors or smart locks. You should speak with your insurance company to identify which devices will qualify you for a discount.
Device Discounts
There's also a possibility that your insurance provider has a partnership with one or more smart-home device companies. In this case, the device company may offer reduced prices for anyone who has a policy with the insurance provider. Your insurance carrier can tell you if they have any partnerships that qualify you for smart-home device discounts.
Before you have any of these devices installed, keep in mind that different insurance providers offer different discounts and benefits. Some may offer both policy discounts and device discounts! Speak with your insurance company to see what you are eligible for.
Why Insurance Companies Offer These Rewards
Insurance companies want to incentivize smart-home devices because these devices can mitigate expensive problems. When water or fire damage occurs, your home insurance provider may need to pay out a costly insurance claim. If a smart-home device can detect these issues early, your insurance provider can save money, which is why you're able to benefit from a policy discount and a potential device discount.
Take a smart water detector for example. This detector is commonly installed near your water heater. In the event a leak occurs, it would emit an alarm and immediately send a text alert to your smartphone. That notification allows you to respond immediately, rather than discovering the leak hours or days later, thus preventing substantial water damage.
Choosing to install smart-home devices in your home can improve your livelihood and help you prevent theft and damage to your home. Doing a little research with your insurance company before you purchase can save you money on top of that.
