What if a simple gadget could prevent thousands of dollars in water damage or even help stop an electrical fire before it starts? Better yet, what if your homeowners insurance company would give you that gadget for free?
I recently visited the ITC insurance technology conference in Las Vegas, where I found some interesting devices designed to catch household problems before they turn into expensive disasters.
I was there to moderate a discussion about the future of home technology with Property Brothers star Jonathan Scott, who’s also an investor in a smart water monitoring company called Phyn.
Phyn learns how water is normally used throughout your home and can automatically shut off the supply if it detects a serious leak. That could make a big difference if a pipe bursts while you’re away.
Scott told me water damage is one of the biggest sources of homeowners insurance claims, and technology like this could help prevent many of those headaches.
Another device that caught my attention was Ting. It looks like a simple plug-in gadget, but it monitors your home’s electrical system for warning signs that could lead to a fire.
If Ting detects a potential problem, the company helps you figure out what’s wrong. If an electrician is needed, Ting says it can help arrange the repair and reimburse up to $1,000 in qualifying costs.
About 40 insurance companies offer Ting free to customers. With nearly 1.5 million devices deployed nationwide, the company can also provide notifications about power and internet outages in your neighborhood.
Then there’s LeakBot, which takes a different approach to water damage.
Instead of requiring a plumber to install sensors throughout your home, LeakBot simply clips onto a water pipe. It monitors temperature changes to detect even tiny leaks without cutting into the plumbing.
The company says 26 insurance carriers offer LeakBot free to policyholders and can even help arrange a plumber when a leak is discovered.
What stood out to me at the conference was how much of this technology is focused on preventing problems rather than simply alerting you after something has already gone wrong.
And here’s my biggest tip: Before spending money on any of these devices, contact your homeowners insurance company and ask whether it offers free water leak detectors, automatic shutoff systems or electrical fire prevention devices.
You might already be eligible for technology that could save you from a very expensive repair.