Vivint Launches Smart Home Water Emergency Mitigation Services

Rhea-AI Summary

Vivint Smart Home (NYSE: VVNT) has launched the Vivint Repair: Water Sensor Experience, a no-cost service aimed at reducing costs associated with water emergencies. This service connects customers to trusted cleanup services upon detection of water leaks, enhancing mitigation efforts. Currently available to customers in four states—Texas, Louisiana, Georgia, and Florida—it promises faster response times, potentially lowering average water damage claims, which can exceed $11,000.

Positive

• Launch of a no-cost Water Sensor Experience to mitigate water damage costs.
• Service connects customers to trusted emergency cleanup services quickly.
• Addresses a significant issue as water damage is a leading cause of household insurance claims.

Negative

• None.

The no-cost service offering connects customers directly to a trusted water emergency cleanup service following a water loss event in their home, speeding up mitigation, repair and significantly reducing damage and costs

PROVO, Utah--(BUSINESS WIRE)-- Vivint Smart Home, Inc. (NYSE: VVNT), a leading smart home company, today announced Vivint Repair: Water Sensor Experience. This groundbreaking monitoring service will help significantly lower the costs of water emergencies for both customers and insurers by alerting sensor customers of a leak and enabling connections to a trusted water emergency cleanup service as soon as a water loss event is detected in their home.

The patent-pending, no-cost Water Sensor Experience will be available to Vivint customers in select states with Vivint Water Sensor installed in their homes. Once a water event is detected, Vivint 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 at 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’s Water Sensor Experience offering is the latest in the company’s venture into Smart Insurance as it works to re-define protection for homeowners. Water damage is the number one 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 David Bywater, CEO at Vivint. “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, and the company has plans to expand the service in the coming year.

About Vivint Smart Home

Vivint is a leading smart home company in the United States, delivering an integrated smart home system with in-home consultation, professional installation and support delivered by its Smart Home Pros, as well as 24-7 customer care and monitoring. Dedicated to redefining the home experience with intelligent products and services, Vivint serves over 1.9 million customers. For more information, visit https://www.vivint.com.

Note on Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, including statements regarding, among other things, the Company’s plans, strategies and prospects, both business and financial, including without limitation statements regarding, among other things, the Company’s plans and strategies around Smart Insurance, and the technical effectiveness and financial benefits to customers of the Water Emergency Mitigation Service. Generally, statements that are not historical facts, including statements concerning the Company’s possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements should not be read as a guarantee of future performance or results, and they will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. These statements are based on current expectations and assumptions regarding future events and business performance as of the date of this press release, and they are subject to risks and uncertainties, including to those discussed in "Risk Factors" and elsewhere in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2021, which was filed on March 1, 2022, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Although Vivint Smart Home believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in those statements will be achieved or will occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. Except as required by law, Vivint Smart Home does not undertake and expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. You should read the documents Vivint Smart Home has filed with the SEC, including the Form 10-K/A and the Company’s other periodic filings, for more complete information about Vivint Smart Home. These documents are available on both the EDGAR section of the SEC's website at www.sec.gov and the Investor Relations section of Vivint’s website at www.vivint.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221110005217/en/

Heidi Mendez

Vivint Public Relations

press@vivint.com

Source: Vivint Smart Home, Inc.

FAQ

What is the Vivint Water Sensor Experience?

The Vivint Water Sensor Experience is a no-cost service designed to alert customers of water leaks and provide immediate access to trusted emergency cleanup services.

In which states is the Vivint Water Sensor Experience currently operational?

The service is currently available in Texas, Louisiana, Georgia, and Florida for Vivint customers.

How does the Vivint Water Sensor Experience reduce water damage costs?

By connecting customers to cleanup services immediately after a leak is detected, the service aims to minimize damage and associated costs, which average over $11,000 per claim.

When was the Vivint Water Sensor Experience announced?

Vivint announced the Water Sensor Experience on November 10, 2022.