The Future of Property Insurance
Smart sensors that detect things like temperature, motion, water, and more, are no longer a luxury for the few. Technology has improved, prices have dropped, and now we’re seeing smart sensors pop up everywhere. It’s only a matter of time before almost all buildings are connected to the cloud. Now, there’s a new conversation happening: how can these devices save people money on insurance?
When it comes to these sensors, we’re no longer just talking about controlling doors or lights. We are talking about harnessing AR, VR, and 3D mapping technologies that allow you to know every inch of your building and see exactly where activities occur.
Safety and risk management are major stressors for building owners and managers. We are in a day and age where water leaks, temperature changes, fires, or glass breaks can be caught immediately, rather than after they do their worst damage. Imagine preventing a flood in a warehouse or catching a fire before it gets out of control in a skyscraper. That kind of control is game changing.
With smart sensors, we can be alerted of dangers instantly, allowing more time for the appropriate responders to be notified and jump into action.
With this type of visibility, it is only a matter of time before insurance companies provide a reduction in rates to reward people and businesses for having smart monitoring tools. We’ve already seen this happen before, where premiums for commercial property are reduced because they have sprinkler systems or security systems in their facilities. Similarly, car insurance rates decrease with safety features like auto-brake. The same concept will follow with property insurance.