Liberty Mutual Discounts Available for Lowe's Iris Smart Valve Customers

Lowe’s is offering a smart water shut-off valve for its Iris smart home technology that can be controlled over the Internet in case of a leak, the retailer said Monday. The $159 valve links to water and temperature sensors and will automatically shut off the water supply if a leak is detected or if the temperature falls to a level that could cause pipes to freeze, it said. Water damage and pipe freezing account for 22 percent of all homeowner insurance claims, with an average cost exceeding $7,000, Lowe’s said, citing the 2014 Insurance Fact Book from the Insurance Information Institute. Preventive technologies such as the smart valve can “significantly reduce the risk of water damage to one’s home from undetected leaks,” which can help minimize damage, said Michael Robon, senior-vice president, Liberty Mutual. “Customers who use devices like these to proactively protect their homes should be rewarded for this behavior,” he said. Liberty Mutual discounts will be offered in several states for consumers who own water mitigation devices, a Lowe’s spokeswoman told us, but further details weren’t available.