Younger home and apartment dwellers are a surprising new buyer of appliance insurance because of the technology now embedded in everyday appliances. Why? Insurance today is designed for replacement, not repair.
“The Internet of Things now digitally connects people to their appliances, including their washing machine and dryer, refrigerator and other technology that controls the home experience with the tap of a phone,” says David Anderson, director of Product for nationwide appliance insurance company, Protect Your Bubble. “This advanced appliance technology, coupled with the fact that we simply replace our appliances instead of repairing them, is a catalyst for why younger home dwellers are embracing what their parents once thought of as unwise – appliance insurance.”
In 2015, around 38 million homes across the world are expected to have a Smart Home system. Connected home shipments are expected to grow at a compounded annual growth rate of 67% over the next five years according to Business Insider Intelligence estimates.
LG had introduced the HomeChat system to help home appliances send you messages and vice versa, and its Twin Wash system allows you to control your washer via WiFi. Samsung showcased a smart home-integrated system concept, which would allow you to communicate with home appliances as well. Last year we also saw the acquisition of Nest, a smart thermostat, by Google. Not to mention Apple’s HomeKit announcement at WWDC 2014.
“Recognizing that we no longer repair our appliances or devices, but rather we now just replace them, younger adults are looking at their tech-enabled appliances in much the same way they view their smartphones and gadgets,” says Anderson.
Protect Your Bubble (www.us.ProtectYourBubble.com) provides insurance and extended warranty protection plans for smartphones, tablets, wearable technology, appliances and electronics, rental cars, renters, travel and identity theft.