Getting smarter: Nationwide and Resideo join forces to fortify and help protect homes

Rhea-AI Summary

Nationwide and Resideo Technologies are partnering to reshape the future of protection for homeowners by leveraging smart home solutions. Homeowners will be able to use tech-enabled prevention capabilities to avert unexpected damage and expenses. They may also be eligible for a discount on their homeowners insurance through Nationwide.

Positive

• Nationwide and Resideo's partnership will provide homeowners with tech-enabled prevention capabilities, reducing the risk of unexpected damage and expenses. Homeowners may be eligible for a discount on their insurance through Nationwide, offsetting the cost of smart home solutions.

Negative

• None.

Millions of American homeowners will benefit from a unique collaboration to continuously predict and help mitigate home risks with cost-effective smart home solutions

COLUMBUS, Ohio, Oct. 24, 2023 /PRNewswire/ -- Homeowners across the country are increasingly adopting smart home devices with hopes of protecting their homes and adding convenience. At the same time, preventable homeowners' insurance claims, such as water damage from leaky pipes, are becoming more frequent and costly¹. To address this issue, Nationwide, one of the country's largest home insurers, and Resideo Technologies (NYSE: REZI), the global provider of Honeywell Home smart thermostats and First Alert^® solutions that provide home comfort, life safety and security to over 150 million homes, are partnering to reshape the future of protection for homeowners.

By combining Nationwide's breadth of coverages and expertise with Resideo's expansive smart home solution footprint and national professional installation relationships, U.S. homeowners will be able to leverage tech-enabled prevention capabilities to help avert unexpected damage and associated expenses with their homes. Homeowners that take advantage of the preferred device packages, which will be announced in early 2024, may also be eligible for a discount on their homeowners insurance through Nationwide, helping to offset the cost of smart home solution purchases and installation.

According to Nationwide's 2023 Agency Forward survey, homeowners' leading reason for purchasing smart home products is to reduce anxiety (44%). However, despite water and fire damage serving as the highest non-weather related claims perils for homeowners, more than 90% of those surveyed do not have smart water leak sensors and almost 80% do not have monitored smoke or fire hazard devices in their homes – a concerning protection gap.

"Smart home technology presents a tremendous opportunity to elevate protection for our customers by transitioning from a reactive approach to a proactive one, enabling us to predict and prevent losses before they occur," said Beth Riczko, President of P&C Personal Lines at Nationwide. "Nationwide is proud to be a leader in smart home protection and to partner with Resideo, which has a broad and innovative portfolio of smart home solutions, and a vast customer base that can help us both accelerate learning and value creation for our customers."

Dana Huth, Resideo's Chief Revenue Officer agrees. "We are committed to protecting what matters most and creating new forms of value for our customers. Partnering with Nationwide, who has a similar focus and aligned mission, will be an accelerant to meaningful savings of time, effort and money for U.S. homeowners and residents," he said.

Leaders from both companies advise to watch for interesting applications of insights, collaborations across their respective ecosystem partners, and new experiences that lead to smarter, safer home ownership.

¹ 2022 U.S. Home Trends Report, Lexis Nexis 

About Resideo

Resideo is a leading global manufacturer and developer of technology-driven products and components that provide critical comfort, energy management, and safety and security solutions to over 150 million homes globally. Through our ADI Global Distribution business, we are also a leading wholesale distributor of low-voltage security and life safety products for commercial and residential markets and serve a variety of adjacent product categories including audio visual, data com, wire and cable, and smart home solutions. For more information about Resideo, please visit www.resideo.com. 

About Nationwide

Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities, mutual funds and ETFs; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow the firm on Facebook and X.

Nationwide, Nationwide is on your side and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2023

Contact:
Graham Shippy
(614) 249-0682
graham.shippy@nationwide.com

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SOURCE Nationwide

FAQ

What is the partnership between Nationwide and Resideo Technologies about?

The partnership aims to reshape the future of protection for homeowners by leveraging smart home solutions.

What benefits will homeowners get from the partnership?

Homeowners will have access to tech-enabled prevention capabilities to avert unexpected damage and expenses. They may also be eligible for a discount on their homeowners insurance through Nationwide.