An interesting piece from Hiscox on the rising cost of claims as a result of water damage due to smart homes.
Whilst I agree, the amount of tech in homes is dramatically increasing year-on-year from smart meters and other remote controlled appliances, I think the benefits far outweigh the issues.
Hiscoxs themselves did some early pioneering work with the likes of NEOS, the new connected home insurer, leveraging IoT, cameras and more.
With Amazon's acquisition of Blink and Ring recently, we are not going to be getting any less tech enabled - far from it.
The fad for so-called smart homes – with a fortune spent on installing computer systems for powerful entertainment equipment, remote controlled central heating and mood lighting – means there is now more to go wrong and that costs are greater when it does. Insurer Hiscox, which sells policies to the wealthy, said a jump in claims for water damage last year is being linked to luxury high-pressure bathroom systems that can leak vast amounts in minutes.