Mitigating Loss with Smart Home Technology
Be Proactive and Avoid Costly Claims
by Jason Jones
As a property owner, you are likely familiar with the benefits of smart home technology. But beyond the convenience of remote controls and automation, these systems can also play a critical role in mitigating loss at your investment properties.
The right technology can help you avoid costly incidents that could otherwise lead to major repairs or liability claims.
Smart Water Leak Detectors
Water damage is one of the most common and costly issues for property owners. A leaking pipe or appliance left unchecked can cause significant damage to walls, floors, and foundations. Fortunately, smart water leak detectors are available to help you catch these problems before they escalate.
There are two main types of leak detection systems:
» Sensor-based systems are affordable and easy to install. They use sensors placed near high-risk areas, like under sinks or next to appliances, and alert you if they detect moisture. Some models offer push notifications to your smartphone, while others make an audible alert.
» Water main systems are more advanced and can detect changes in water pressure throughout the entire property. If something unusual is detected, these systems can automatically shut off the water supply, preventing further damage. Though more expensive, if you are concerned about things like frozen/burst pipes, these systems are a worthy investment compared to the potential cost of severe water damage.
Smart Thermostats
For investors with vacant properties or homes undergoing renovation, smart thermostats can be a game changer, especially in colder climates. One of the biggest risks for vacant properties is frozen pipes, which can burst and lead to costly water damage.
A smart thermostat allows you to monitor and control the temperature from anywhere, ensuring your property stays warm enough to prevent freezing, even if you cannot be onsite. This way, you do not have to guess whether your home’s heating is holding up in sub-zero temperatures. Plus, you can save on energy costs by adjusting the temperature as needed, rather than keeping it unnecessarily high for extended periods.
Smart Sump Pumps
Flooding is a major concern for investment properties in high-risk zones. Smart sump pumps and backups can alert you to issues before they cause extensive damage. If your property already has a sump pump, you can upgrade the current setup by installing a smart primary sump pump. These systems can send a text or push notification to your smartphone if high water levels are detected, indicating that the pump has either failed or lost power. This early warning gives you time to take action and prevent the worst-case scenario from occurring.
In addition to primary sump pumps, there are two options for smart backup sump pump systems:
» Smart battery backup systems automatically kick on to handle incoming water if the primary pump fails, is overwhelmed, or loses power. A common issue with older models is that the batteries degrade over time, and you might not know there’s a problem until it’s too late. With smart battery backups, you can monitor the battery’s condition at any time. The battery charge on these systems can last anywhere from a few hours to several days depending on the model and conditions.
» Smart water-powered backup systems use the main water supply to pump out floodwater in the event of a power outage. For property owners who are concerned about relying on battery life for lengthy periods, these are a great option as they do not require anything but pressure from the water main to operate. However, as these systems rely on the home’s water supply, they can be costly to operate for extended periods. Like battery backups, these are equipped with wireless smart alarm systems that alert you to issues such as pump failure or incoming water.
Smart Carbon Monoxide Alarms
Carbon monoxide (CO) is a silent killer, and as such, it is important to have a reliable detection system in place to keep occupants safe. Smart CO alarms can detect harmful gas and send real-time alerts to your smartphone, so you will know if there is a problem even if you are not physically present at the property.
Some smart alarms can pinpoint the specific area where carbon monoxide is detected and even contact monitoring centers, which can then notify emergency services, if needed. Combination smart home sensors are also available on the market and can detect carbon monoxide, smoke, and fire. Both battery-powered and wired options are available.
Smart Locks
Whether you manage short-term rentals, vacant properties, or homes under renovation, smart locks are an effective way to keep your property secure. With smart locks, you can monitor access in real time, receive alerts when someone enters or exits, and even remotely lock and unlock doors. There are several types of smart locks on the market:
» Deadbolt replacements that completely replace your existing lock.
» Deadbolt adapters that modify part of the existing lock system.
» Keypad locks, which are simple and allow access with a code. Some models provide backup keyholes in case of battery failure.
For vacation homes or rental properties, smart locks can make guest access easier by allowing you to set temporary access codes for visitors such as contractors or cleaners. Just be sure not to reuse codes and deactivate them when necessary. Some smart locks also track who enters and when, providing helpful records in the event of a security incident.
Smart Lighting
Vacant properties can be a magnet for vandals or burglars. Smart lighting is an easy, low-cost way to make your property look occupied when it is not. By installing smart plugs or bulbs, you can remotely control lights or set schedules for them to turn on and off at random intervals, giving the impression that someone is home. Some systems can be integrated into existing smart home devices while others offer their own applications.
In Conclusion
While smart home technology provides convenience, it also allows you to take proactive measures to prevent loss and avoid costly claims. Whether you are looking for extra protection against water damage, CO hazards, or security risks, there is a smart solution that can help.
Take some time to research the best products for your specific needs, and if you are looking for more guidance on how to protect your investment, consider partnering with National Real Estate Insurance Group. As experts in the industry, we provide clients with personalized mitigation tips as well as fully customizable comprehensive insurance.
