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Smart Homes for a Smarter World

  • Oct 25, 2020
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As a homeowner or even a renter, you’ve likely been shocked when looking at your utility bill during the summer. Especially if you live in a warmer climate, keeping your home cool and the whole family showered can lead to sky-high water and electricity bills each month. And as 2020 has kept us all home more than ever before, these bills are likely reaching a peak unlike ever before.

In addition to turning up the thermostat and reducing your shower time, there are other things you can do to help lower your energy bill and your home’s carbon footprint. There are a variety of smart home devices on the market that are catered directly to these goals, helping homeowners save money on everything from water to electricity. And while they may be a bit pricey upfront, the money they can save you over time is well worth the investment.

To get a better understanding of what homeowners are wanting in their smart home technology as well as the best tech for their money, the team at Hippo insurance took a deep dive into the smart home industry as well as consumer motivation.

What Homeowners Want in a Smart Home

After surveying 1,000+ consumers across the country, Hippo discovered that most homeowners are looking for devices that will make their lives easier. In fact, almost half (46%) of consumers said that convenience was the biggest factor in why they use smart home technology on a consistent basis. So you can see why devices like smart speakers (aka assistive devices) and smart appliances are on the rise lately. Other motivations behind smart home purchases and usage include home monitoring (17%), increased home security (16%) and to lower utility bills (15%).

Top Devices For Lower Energy Use

Lowering your home’s energy consumption doesn’t have to be complicated. With a few simple upgrades such as smart thermostats, water leak detectors and smart water heaters, you can see that number drop in no time at all. For example, a smart water heater can save you approximately $4,500 over 10 years. While other devices such as smart appliances can bring in savings of $134 every single year. For more top devices for a more efficient and protected home, check out Hippo’s recommendations below.

Smart homes are becoming standard across the nation, and with low costs and big savings, anyone can get in on the action (even those with older homes). No matter the goal of your purchases, there’s likely to be a device out there that’s catered exactly to your needs. And better yet, installing these devices can even save you money on your home insurance policy. For more expert tips on how to keep your home in tip top shape, check out Hippo’s blog.

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