However, what makes a home “smart”? Are the savings and comfort worth it? This post discusses what you should know about this developing industry, what exactly makes a smart home, and what the pros and cons are of owning one.

What Is a Smart Home?

A smart home is one that comprises of smart devices designed to make your home safer, more proficient, and more comfortable. These devices belong to the Internet of Things, in which professionals estimate is going to contain nearly 50 billion plus objects in the coming years.

The types of technology you can have installed to save money and make your home a smart home include:

• Window and door sensors
• Smart thermostats
• Water-leak sensors
• Security systems

Pros and Cons of Having Smart Devices in Your Home

Below are some examples of smart home pros and cons. Keep reading to learn more.

Pros of these devices in homes

1. They assist homeowners in hindering and minimizing damage.

• Smart thermostats can help stop waterpipes from freezing.
• Smart-leak sensors can turn off water should they sense moisture.
• Smart smoke and carbon monoxide alarms can inform you via an app and possibly save you and your family’s lives and your home.

2. They’re convenient for individuals that are getting older, disabled or have reduced mobility.

• Smart locks can reduce the common issue of being locked out because of forgotten or lost keys.
• Smart lighting networks can “learn” your routines and turn lights on and off at suitable times.
• Home healthcare equipment, like diagnostic and monitoring devices, can streamline the caregiving process. For instance, some sensors and devices may help you oversee the movements of an aging or disabled family member and guarantee their safety.

3. They offer additional security resources.

• Progressive security systems can notify you via an app on your smartphone if there’s an invasion.
• With the addition of a security system and security cameras, you can also identify vehicles coming to your home, automatically lock doors/ windows, get room-by-room monitoring, etc.

4. There is the possibility of lower energy bills.

• Smart thermostats are anticipated to be one of the most general networked home devices in the upcoming years.
• Homeowners are usually concerned with saving on their HVAC bills.
• Smart thermostats can devise energy-saving programs that can decrease energy consumption for heating and cooling by up to thirty percent.

5. Many insurance companies may offer discounts for having smart devices.

• Liberty Mutual and Nationwide Insurance are among the few insurance companies that offer some type of discount for smart security and monitoring systems.
• As the smart device industry progresses, more and more insurance companies are likely to offer discounts. Speak with your home insurance agent concerning what discounts are available for you.

Cons of these devices in homes

1. It’s challenging for linking systems from various vendors.

• A lot of manufacturers create different systems, which in turn, make it challenging to incorporate new devices with your current ones manufactured by a different brand.
• Incorporating different devices from various vendors might result in insufficient functionality and undependable service.

2. The systems can be expensive.

• The industry is expanding, and expenses are decreasing, but a lot of systems still come with a sizable price tag.
• Many devices cost several hundred dollars each; the cost of a total home upgrade might be upwards of thousands of dollars.

3. These devices have known exploits and can be hacked.

• In the beginning of 2015, one tech firm tested sixteen smart home devices and only found one that their researchers couldn’t easily hack.
• Many companies that manufacture these products don’t have robust backgrounds in security.
• There are presently no industry standards for security on these smart home devices.
• Should cyber criminals break into your home’s devices, they can learn your patterns of mannerisms and use that for their benefit