Whether you’re at work or on vacation, smart home devices allow you to monitor your home remotely and will send you an alert when conditions change or emergencies happen. Because of that, and because Farm Bureau Insurance is committed to providing service, solutions, and security to our customers, we’re proud to announce our Smart Home initiative and premium discount. Beginning late summer, customers who install qualifying smart home devices can take advantage of savings on the devices themselves and receive a Smart Home Discount on their premium of up to 5%.

 

“Smart home sensors may facilitate an insurance revolution,” says Adam Waldron, Director of Information Services and the Smart Home Project Sponsor. “Sensors can monitor indicators of possible problems such as pipe or plumbing fissures, faulty wiring, or home intrusion. Alerts can be sent to homeowners and insurers, as well as trigger automatic shut-off valves and notifications to local service providers who can preemptively intervene prior to major accidents.”

 

Besides improving the lives of our customers, Adam points out that leveraging smart home technology also has many benefits for Farm Bureau Insurance. “Protective device discounts will allow us to attract new business while retaining existing customers and encourage the installation of products that ultimately reduce our loss costs. Also, the simple act of highlighting and offering smart home devices sends the message to our clients that we are innovative and mindful of new technologies.”

 

The first device eligible for the Smart Home Discount is the Samsung SmartThings Water Sensor. “We selected the Samsung SmartThings platform as the standard hub for the smart home sensors,” Adam says. “Samsung’s SmartThings hub is one of the most widely adapted smart home automation hubs. It supports the most popular internet of things (IoT) wireless network protocols and is compatible with most of the leading device brands.”

 

Claims data was used to determine the selection of the Water Sensor as the first eligible smart home device. “Our claims data clearly indicates that water loss prevention is the area to focus on,” Adam says. “More specifically, we want to focus on clients with water losses within the past five years, as our data shows they are more than twice as likely to experience another loss.”

 

Samsung SmartThings Water Sensors run $15 to $20 each. The Samsung SmartThings Smart Hub, which is necessary to operate smart home devices, costs $50-$70. The most expensive part of the Samsung water control system is the $100 automatic Shutoff Valve. Farm Bureau is working directly with the vendors to provide discounts to our customers. When you consider the average cost per incident of a water loss is over $7,400, a smart home water monitoring system can seem like a smart move. 

 

Other smart home devices that may be eligible for discounts in the future include smoke detectors, security cameras, and motion detectors.

 

Adam says the company is committed to innovating and staying at the forefront of advances in smart home technology because “it enhances service, solutions, and security for Farm Bureau members and clients.”

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If you have any questions about Farm Bureau's Smart Home program, devices, or discounts, please contact Adam at extension 4333 or awaldron@idfbins.com.

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