Vivint Smart Home (NYSE: VVNT) announced the launch of a new water leak-detection service aimed at significantly lowering the costs of water damage for both customers and insurers.
The patent-pending, no-cost service will be available to Vivint customers in select states with Vivint Water Sensor installed in their homes. Once a water event is detected, the company will immediately send an automated email to the customer, notifying them of the water leak and providing them with a link to be connected with a trusted water emergency cleanup service.
“We’re excited to offer our customers access to critical water response services that have the potential to significantly reduce damage and loss costs, especially as speed to recognize and mitigate water damage is essential to reducing losses,” said Ron Davies, chief insurance officer, Vivint. “This offering is the latest in our mission to rethink what traditional smart home protection looks like and leverage our existing technology to lower the risk of at-home emergencies for our customers.”
Vivint said its new Water Sensor Experience offering is the latest in the company’s venture into smart insurance as it works to re-define protection for homeowners. In the announcement, Vivint cites that water damage is the No. 1 cause of household loss, impacting thousands of people per day, with the average home insurance claim for water damage costing over $11,000.
Historically, insurance companies have found out about water claims after emergency mitigation activities occur and have had no influence on who homeowners engage with to assess and repair water damage. Providing homeowners with early guidance and a pathway for quick response by pre-vetted cleanup services significantly lowers the severity of loss and level of risk that is being transferred to an insurance company.
“We’re proud to continue to set the standard for what a smart home should be. Our smart home devices are unique as they not only notify people when an emergency may be occurring, they take additional steps to protect and prevent further damage,” said Vivint CEO David Bywater. “Vivint’s water emergency response service builds on this standard and takes our mission of protecting our customers one step further by helping them better prepare and respond to at-home emergencies.”
The service is now operational for existing Vivint customers in four states today including Texas, Louisiana, Georgia and Florida, with plans to expand the service in the coming year.
