While baby boomers often “roll up their sleeves for routine repairs,” younger homeowners are more likely to put their energy into buying gadgets and connected devices that can protect their homes from disaster, according to a recent Nationwide survey.
Nationwide notes that each generation could probably stand to learn a thing or two from the other. In a summary of Nationwide’s findings, Sarah Griffin — senior vice president of personal lines product and underwriting — says:
“Smart tech is a powerful tool, but it’s not a substitute for basic maintenance. The best protected homes are the ones where technology and routine care work hand in hand. The real opportunity is helping homeowners blend innovation and upkeep.”
But as millennials embrace technology, it raises the question: Which devices are most important if you want to protect your home?
Insurance agents who responded to the Nationwide survey overwhelmingly agree that smart home products can reduce risk, with 85% recommending such products.
Based on the survey of 400 independent insurance agents, these are the top must-have smart products and solutions for homeowners, along with the percentage of agents who recommend them:
- Smart sensors to monitor for smoke/carbon monoxide: 62%
- Smart locks for doors: 59%
- Smart sensors that monitor whole-house water flow: 58%
- Smart video doorbells (e.g., Ring): 51%
- Smart home security cameras: 48%
- Smart sensors to monitor electrical fire hazards: 45%
- Smart garage door openers: 29%
All these devices help to protect your home and family. For example, smart locks allow you to create unique codes for the people you want to have access to your home. Some smart locks can even help you monitor if your door is open or closed.
Smoke and carbon monoxide devices might even save your life.
Installing smart devices can also be an intelligent move that fattens your wallet.
Nationwide is among several insurance companies that offer some of these devices for free to policyholders. Many insurance companies also offer discounts to policyholders who use such devices.
The Nationwide survey also included 1,000 homeowners. More than one-third — 37% — of homeowners Nationwide surveyed say they have installed safety technology in order to get a discount. Among millennials and members of Gen Z, 56% have made such a move.
According to Nationwide, millennial homeowners have an average of 4.6 smart devices. That tops both Gen Xers (3.1) and baby boomers (2.2). Nearly half of millennials have a full home security system or a smart surveillance setup.
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