Smart Devices for Tech-Savvy Renters
Is that your washing machine calling? Or perhaps it’s a text from your fitness machine, doorbell, or vacuum, nudging you to get up off the couch. While we might not yet have robots delivering us breakfast in bed, smart technology advancements can benefit renters especially.
Renters who are tech-savvy typically value the convenience, connectivity, and opportunities for prevention that smart technology provides. Modern insurance solutions fit these renters’ digital-first mindset by offering smart, tailored options that provide enhanced prevention and protection for their valuables.
What are smart devices?
Smart devices are items other than phones or computers that connect to the Internet and perform some functions independently or intelligently. These devices can reduce or eliminate risk by alerting you to potential problems such as water leaks, smoke/fire, or carbon monoxide issues, protecting your home and preventing costly damage.
Which are the most popular smart home devices?
The marketplace for smart technology is rapidly growing. A 2024 Nationwide study showed the most commonly purchased smart devices include:
- Video doorbells
- Security cameras
- Smart thermostats
- Sensors to monitor for carbon monoxide1
As a renter you may not be able to use all these popular smart devices, but video doorbells and security cameras are usually allowed. Just check with your landlord or leasing agent first.
Is smart home technology worth it?
These tools reduce or eliminate risk before it occurs, saving time, money, and angst. Better to be alerted at 3 a.m. by a water leak sensor than to discover waterlogged valuables in the morning. Nationwide’s study revealed that residents buy smart devices primarily hoping to gain protection, peace of mind, and safety.
As for their motivation, the highest percentage of residents purchased a smart device because they believed it would reduce their anxiety (41 percent). After anxiety-reduction, 34 percent of residents felt there was a positive cost-benefit and 31 percent reported a desire to make their homes more energy efficient1.
What can smart devices protect?
Smart devices help you take a prevention-first approach to protecting the things you value. Technology-driven tools can protect:
Your residence
Landlords are responsible for protecting the property they own, but there are additional measures you can take to make your living space safe and secure. Smart devices can alert you to the presence of water, smoke, carbon monoxide, or even an intruder.
Your vehicles
Technology isn’t just limited to homes and offices (and home offices). Modern cars are essentially personal computers on wheels. In addition to the multiple safety and convenience features late-model vehicles typically include, usage-based insurance can also potentially reduce the risk of accidents and reward you for safer driving behavior. Telematics programs such as Nationwide’s SmartRide® and SmartMiles® can provide drivers with customized rates and discounts based on how much — and how safely — you drive. These usage-based insurance programs provide personalized savings and feedback to help you reduce your auto insurance costs while rewarding positive driving behavior.
Your valuables
Jewelry, collectibles, antiques, fine art, and other premium items are worthy of extra protection. Smart devices can help you protect them and prevent loss from theft or damage. It’s also important to ensure you have the right amount of insurance coverage. When it comes to your possessions, renters insurance is important to protect the belongings you bring into your leased home, and may be required by your lease. High-value items may need an extra level of protection through special coverage, such as Nationwide’s Valuables Plus® or Protection Boost.
Your identity and privacy
A destructive event could affect more than your technology’s physical hardware. You could also experience information loss or privacy breaches. Technology innovations in the insurance industry can help your identity and reputation stay safe and secure. Identity theft insurance policies can provide financial compensation for victims of identity theft, but some policies also help you prevent these risks by offering:
- Monitoring to notify you of suspicious activity regarding your personal information
- Real-time updates to keep you abreast of identity-related threats and update you on your risk status
- Protection that helps you avoid risks and security tools to keep data safe from ransomware, key-logging, and phishing attacks
- Resolution in the form of reimbursement of expenses, removal of malware and viruses, restoration of your home internet connection, and re-securing of your networking infrastructure
How to protect smart home devices?
According to Consumer Affairs’ research, U.S. households had an average of 21 connected smart home devices covering 13 categories as of 20233. That adds up to a significant investment. Renters insurance should provide basic coverage for the technology you purchase and bring into your home, but your agent can help you understand if you have the appropriate level of protection. Your agent can also help you determine which coverages you might need to protect your equipment if your leased property were damaged by weather, water, an electrical fire, or some other catastrophic event.
Consult your agent for help
In addition to making your home safer, certain protective devices can qualify renters for discounts. Talk to your agent to find out what discounts you may be eligible for, and consider also discussing:
- Coverage differences for home versus business use of technology
- How to protect devices you own and how that may differ from those you borrow, rent, or use for work
- Any other questions you may have about protecting your technology and other items
The number of internet-connected electronics you have in your home is only expected to increase as we find more ways to add convenience and security to our homes. You can be as smart as your devices by focusing on prevention and protection over reaction.
Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which control coverage determinations. Such terms may vary by state, and exclusions may apply.