Will a Smart Thermostat Help You Save Money on Home Insurance?

Technology-connected homes are becoming more and more prevalent, not to mention sophisticated. Smart home features allow you to monitor and control your household systems from any mobile device through an internet connection, and they often create a higher degree of home security overall. 

One of the multitude of smart home devices on the market today is a smart thermostat. In principle, these devices are designed to help you better manage your energy usage and reduce your monthly utility bills. However, in some cases they will even help you save money on your home insurance. 

Still, not all smart thermostats provide this advantage. The solution will likely depend on how the thermostat integrates into your home’s overall security system. 

What Are the Advantages of a Smart Thermostat? 

If you have a smart thermostat in your home, then you will be able to control your heating and air system from a distance. You might be able to adjust the temperature at home while at work or while away on vacation. Furthermore, many of these systems will automatically monitor the conditions in your home, and continually adjust your thermostat settings to provide optimized energy usage. 

How Can This Help Me Save on My Home Insurance? 

By itself, a smart thermostat usually won’t lead to any significant homeowners insurance savings. However, some of these systems link with your home’s security system. Therefore, not only can it be a thermostat, but it might also serve as a fire alarm or carbon monoxide detector.  

In these situations, your thermostat will be able to immediately alert you via your smart phone to the presence of a significant threat within your household. Additionally, some will go further by contacting the police, fire department or ambulance services on your behalf. Under the circumstances, your overall household security will be higher, and as a result your home insurer might offer you a policy discount. 

The advantage of a smart home system is that it creates a way for you to more quickly respond to problems at home, even when you are not there. As a result, it might provide the immediate notification you need to dispatch help to your home. This could help prevent a small problem from getting worse, and you might be able to avoid a high claim on your home insurance. The less risk there is of your insurer having to pay on your behalf, the lower a price they might charge you for your services. 

Work with your home insurer to determine whether your smart home system, including your thermostat, will qualify you for insurance savings. They will make sure to help you save to your advantage.