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Tech startup Roost Inc has produced an IoT device which utilizes telemetrics to warn homeowners when a water leak is likely to occur in their home. This groundbreaking technology promises to ease the stress that goes hand in hand with home ownership, as well as the costs. The average water leak costs upwards of $2,000 to repair, according to Angie’s List. But, Roost’s nifty device promises to keep homeowners in the know.
Pioneering home technology
Roost has a whole host of smart products which are currently in various stages of development. However, it’s their IoT hot water device which is gaining a serious amount of attention. The device is designed to sit beside a hot water system so that it can monitor the way that the heater and the system are operating. At regular intervals, the connected device will send an update to the home owner’s smartphone advising them of the status and also alerting them to any concerns, such as that a repair is required.
How homeowners will benefit
Experts recommend setting aside between 1 and 4% of a home’s value each year for maintenance and repair costs, such as gutter replacement, new roof tiles, and water leaks. In most cases, if these jobs aren’t done, the problem will get worse and more money will need to be spent on repairs. But, Roost’s hot water device could alleviate this concern altogether. The sensors that come with the device can be placed in any location where there’s a risk of water damage and leaks. This, therefore, allows homeowners to source the funds for repairs in an appropriate way. If they have excess cash tied up in their property, this could mean them using the equity from their home. Alternatively, tapping into their savings or borrowing fund from other sources may be preferred.
In March, the United Services Automobile Association (USAA) announced that it was teaming up with Roost to trial their Home Telematics Program. As part of this program, Roost’s hot water device will be tested. Speaking of the device, the USAA’s assistant vice president for product development and innovation stated that “A water leak inside your home is the biggest risk for significant damage and insurance deductibles, whether it is a water leak from your refrigerator, hose, toilet valves or hot water heater.”
Making the most of home telematics
The home telematics system which Roost’s hot water device utilizes is perfect for homeowners as it can track individual data and provide a personalized experience. For years telematics have been used to keep roads safer, but thanks to technical advancement, they can now be used to keep the nation’s homes safer and to prevent a disaster from occurring. This is beneficial for homeowners and can result in lower premiums as, when the data obtained is transferred back to a home insurer, they can analyze risk potential on a case by case basis.
Owning real estate is a big responsibility. Thankfully, innovative technology such as the one currently being trialed by Roost will allow homeowners to stay in better control of their home and to mitigate serious risks.