Data from your home could cut insurance costs - Business - The Boston Globe

Dollars-for-data details

"Insurance companies have initially targeted fire prevention devices because fire claims are the largest category of homeowner insurance losses, accounting for about 30 percent of all losses, according to the Insurance Information Institute, a New York-based industry research group. Fire was responsible for $19 billion in property losses in the United States in 2013.

The smoke and carbon monoxide detectors will wirelessly transmit data about their status to Nest, which will inform Liberty Mutual each month whether the smoke and carbon monoxide detectors have batteries, they are properly charged, the sensors are working, and the Wi-Fi connection is good.

Customers who participate in the program will receive at least 5 percent discounts on their home insurance. For a consumer paying the national average premium of $1,034 annually, the savings would be about $52."

Data from your home could cut insurance costs - Business - The Boston Globe