According to a recent study, billions of dollars in homeowner policy property losses from water damage make up almost 25 percent of all claims. But 93 percent of the cost of water damage — $8.5 billion a year — can be prevented by a complete leak detection and shutoff system.

Buoy® is the first complete smart home device for managing household water use, detecting leaks and shutting off water remotely and automatically. Get an evaluation unit with a lifetime subscription to Buoy's data service for $599.


For two years, Buoy Labs has been running a pilot with a top 10 insurance provider. Buoy increases the frequency of contact between insurance companies and customers, and provides a wealth of real-time data to the insurer. 


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How Buoy works

Buoy installs inline next to a home’s shutoff valve and connects to the household WiFi network to send real-time water flow information to the Buoys  app. When Buoy detects a leak, the app notifies the homeowner, who can turn off water remotely, preventing extensive damage.


Our whole-house leak detection and shutoff system benefits 

Insurers

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Prevent 93 percent of the cost of water damage, or about $8.5 billion a year

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Increase the frequency of contact between insurers and homeowners

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Real-time usage data enables a more accurate assessment of risk

 

Homeowners

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Prevent costly damage

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End surprise water bills

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More control and understanding of their water usage

 

The data we provide to our insurer partners can increase consumer satisfaction and retention, improve customer support interactions, reduce out-of-pocket costs, and save the time and stress of property loss.

Water claims accounted for 45 percent of losses in 2015. Annually, 2% of policy holders will file a water damage claim, averaging $10,000. Buoy provides insurers an estimated savings of over $180 per year per policy.

With Buoy, homeowners get a home protection product that’s integrated into their smart home, a value proposition more compelling than standard leak detection methods. Nearly 40 percent of consumers report they would switch insurance providers in order to obtain smart home products. Insurers can expect to recoup their IoT investment across the lifetime of a customer, and IoT offers increase customer retention.