B4 • Friday, April 22, 2022
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THE GARDEN ISLAND
Saving money with smart-home devices qualify you for a homeowners insurance discount. Depending on the amount of the discount and the cost of the devices, they might pay for themselves within a few years. Keep in mind that the benefits of smart-home technology could go beyond insurance savings. “Investing in smart-home technology can offer customers peace of mind,” Sobol says, “knowing that their home is better protected.”
Sarah Schlichter NERDWALLET A smart thermostat can turn up the heat in your home before you roll out of bed. A smart speaker can play your favorite podcasts with a voice command. A smart lightbulb can be turned on or off from across the room. But smart-home devices aren’t just about convenience. Because some of them can help keep your home safe and secure, they could also earn you a discount on your homeowners insurance.
Why insurance companies reward smart-home devices
Discounts for smart-home devices NerdWallet reached out to a dozen insurance companies and found that most of them offer discounts to homeowners with smart-home devices designed to prevent water damage, fire or theft. In our research, we found companies advertising homeownERIC RISBERG / ASSOCIATED PRESS FILE ers insurance discounts up to 13%, depending on the device and The Nest Secure alarm system is seen on display during an event in San Francisco. where you live. Among the companies we surFarm policyholders in most states nearly 50% off the purchase of NoFor instance, if your home has can sign up for three years of free veyed, the smart devices most tion smart sensors. These savings older plumbing, water sensors Ting service. Ting provides a commonly eligible for discounts are in addition to the homeowners might be worth buying, Collins plug-in that monitors your home were water leak sensors, security insurance discounts the compasays. But if you live in a neighborfor electrical problems that could cameras and smoke detectors. nies will give you once you install hood with high crime rates, your cause fires. However, insurers like Farmers the devices. money might be better spent on a Hippo, a homeowners insurance and Lemonade also offer savings home security system. startup, gives policyholders in eli- Should you buy smart-home for smart locks, while Amica and For many homeowners, water Farmers give discounts for motion gible states free smart home-moni- devices? sensors are a good bet, according sensors. The cost of smart-home techto Sobol. “Water damage is by far toring kits from partners such as If you already own a smartthe most common claim “that Kangaroo and SimpliSafe. As long nology can add up quickly. If you home device, ask your carrier smart-home devices can help preas the policyholder installs the de- want to invest in a protective dewhether you’re eligible for a disvices and keeps them active, they vice but aren’t sure which ones are vent, Sobol says. Putting sensors can save up to 13% on their home- worth the money, consider your in bathrooms, in basements and count. home’s unique risks, says Karen under appliances “can (keep) Some insurers have partnered owners insurance. Collins, assistant vice president of small claims from turning into big with smart-home technology comAmica policyholders can save personal lines at the American ones.” when buying select smart-home panies to make the devices more Property Casualty Insurance AssoAsk your insurer whether the devices from Moen, Guardian or affordable — or even provide devices you’re considering would Kangaroo, while Nationwide offers ciation. them for free. For example, State
Insurance companies offer discounts for smart-home devices because the technology can help catch problems early, potentially preventing expensive claims. Say you have a smart water sensor next to your water heater, and the appliance springs a leak. The device could sound an audible alarm and send an alert to your phone, enabling you to take immediate action. (Some devices even have an automatic water shut-off feature.) Without the sensor, you could end up filing a claim, paying a big deductible and having contractors in your basement cleaning up damage, says Brett Sobol, senior growth initiatives lead at Hippo. But with the sensor, the damage might be so limited that you wouldn’t need to make a claim at all. “The best experience is one where there’s no claim,” says Sobol. ••• This article was provided to The Associated Press by the personal finance website NerdWallet. Sarah Schlichter is a writer at NerdWallet. Email: sschlichter@nerdwallet.com.
Hawaiiana Management Company, Ltd. Serving Kauai’s Condo & Community Associations with award-winning service
H Average long-term US mortgage rates highest in 12 years
Sunshine Ruiz Hatto Vice President Kauai Operations
awaiiana currently serves over 60 residential and commercial associations on the Island of Kauai, with a staff of nine management executives, three local support professionals and the property management industry’s most experienced accounting and technical personnel. Kauai native Sunshine Ruiz Hatto serves as Hawaiiana’s Vice President of Kauai 2SHUDWLRQV IURP LWV RIŅFH LQ /LKXHģV .XNXL *URYH ([HFXWLYH &HQWHU +DZDLLDQD 0DQDJHPHQW &RPSDQ\ /WG LV +DZDLLģV FRQGR DQG FRPPXQLW\ DVVRFLDWLRQ management company, with over 750 association clients throughout the state.
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ASSOCIATED PRESS WASHINGTON — Long-term U.S. mortgage rates rose for the seventh straight week, climbing to their highest level in more than a decade. The average rate on a 30-year mortgage rose to 5.11% from 5% last week, mortgage buyer Freddie Mac reported Thursday. The last time it was higher was in April of 2010 when it reached 5.21%. By contrast, a year ago the 30-year rate stood at 2.97%. The average rates in recent months are the fastest pace of increases since 1994. Federal Reserve officials have signaled that they will take an aggressive approach to fighting high inflation this year. In minutes from their March policy meeting released earlier this month, Fed officials said that half-point interest rate hikes, rather than traditional quarter-point increases, “could be appropriate” multiple times this year. The Fed raised its main borrowing rate by a quarter-point in March, its first increase since late in 2018. On Wednesday, the National Association of Realtors reported that sales of previously occupied U.S. homes fell in March to the slowest pace in nearly two years as a swift rise in mortgage rates and record-high prices discouraged would-be homebuyers as the spring buying season begins. Median home prices in March jumped 15% from a year ago at this time to $375,300. That’s an alltime high on data going back to 1999, NAR said.
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