Fire, Water Leak Detection Rank High on Consumer Smart Home Plans, Says Parks

Some 38 percent of U.S. broadband homes intend to buy a smart home device this year, said a Tuesday Parks Associates study. Roughly half of households found an IoT device that alerts them to smoke and fire “highly appealing” and 41 percent found appeal in a device that alerts them to a water leak, said Parks. “The insurance industry is quickly emerging as a key player in multiple smart home ecosystems,” said analyst Tom Kerber, citing advanced detection and alert capabilities in smart home devices as a way for insurance companies to avoid risks and reduce fire or water damage. Kerber cited Liberty Mutual and State Farm as insurers that plan to offer incentives or discounts to customers to encourage smart home device adoption.