LOS ANGELES, April 20, 2021 /PRNewswire/ -- Today,
Mercury Insurance (NYSE: MCY) announced it will be subsidizing the
cost of smart home water monitoring devices from Flo by Moen and
Flume, providing California
homeowners policyholders with two options to better protect their
home from water damage. Mercury will cover $400 for the Flo by Moen
Smart Water Shutoff device with professional installation by
a verified plumber from the Moen Plumbing Network, and
policyholders will be eligible to receive a 10% discount on a
portion of their Mercury homeowners policy. Alternatively,
policyholders may also choose to install a device by Flume, which
will be reduced to just $75 (plus tax
and shipping) after the Mercury-funded $124 instant rebate is applied.
Mercury's water leak detection program is designed to help
homeowners reduce the leading cause of home damage – on average,
more than 40% of a home's premium in California is attributable to the non-weather
water peril. Due to a water loss, homeowners may lose access to
their kitchens or bathrooms and, in some cases, have to move out
entirely for months.
Mercury's water leak detection program is available at
www.MercuryInsurance.com/leak-detection or by contacting a
Mercury agent.
"Water leaks are preventable," said Mercury Insurance Vice
President and Chief Underwriting Officer Victor Joseph, who's also a user of the Flo by
Moen Water Shutoff device. "The key
is catching them early to minimize the damage. This is achievable
through our partnerships with Flo by Moen and Flume smart water
leak detection devices, which can discover large, small and in some
cases, even hidden leaks.
"We're here to help our policyholders by taking on most of the
upfront financial investment to purchase and install these devices.
And once they have installed a Flo by Moen device, they'll get a
discount on their insurance, too!"
The Flo by Moen Smart Water
Shutoff installs on the home's main water line to prevent
water damage and water loss by proactively detecting micro-leaks
and other vulnerabilities anywhere in a home's water supply. When a
homeowner has the Flo by Moen Smart Water
Shutoff installed in their home, the chances their home will
sustain damage is significantly reduced.
"Having experienced catastrophic water damage myself, I know
firsthand how expensive it can be and how much damage it can cause
to the home," said Flo Technologies CEO and Co-Founder Gabe Halimi. "And with water damage more likely
to occur than theft and fire, we are committed to helping Mercury
policyholders avoid that situation at all costs."
The Flume 2 works with virtually any water meter and is easily
self-installed in minutes. The corresponding app allows users to
view and monitor indoor and outdoor water use from anywhere, at any
time. This increased visibility provides complete home protection
by catching and alerting users of leaks as they happen, inside and
outside of the home. To date the use of Flume products have
resulted in lower water bills and the avoidance of potential
catastrophic property damage due to leaks. Flume customers reduce
water consumption by at least 10% year over year. More than 37% of
users find a leak within one week of installation, and more than
70% of all Flume users will find a leak over time. Flume digitizes
4.9 million gallons per day, and in 2020 alone Flume digitized more
than one billion gallons of water.
"Homeowners are becoming more concerned about their water use
than ever before," said Flume CEO and Co-founder Eric Adler. "Flume provides critical intel that
allows homeowners to understand their usage while also identifying
leaks inside and outside of the home, and in turn preventing
potentially catastrophic and costly damage. Together, with Mercury,
we'll be able to protect policyholder's homes better than ever
before."
Following are key benefits from Mercury's water leak detection
program:
- Consumers want safety and security from smart home
devices2. Water leak detection installation trails
in the smart home category, while non-weather water claims are five
times as likely to occur as theft claims and 10 times more likely
to occur than a fire claim3. Additionally, Mercury
reports that water claims occur more frequently during summer
months when homeowners take vacations and are not able to turn off
the water if a leak emerges.
- The territory and age of a home are primary factors for
susceptibility to water leaks. During the past decade,
Californians have seen their home values increase at a historic
rate. According to the real estate industry trade publication,
"Realtor Magazine," the median California home value is projected to grow to
more than $1 million by September 20304. The current and
future investments of many homeowners, however, may be at risk.
When selling a home, water leak damage must be disclosed to
potential buyers. California's
aging homes are a leading cause of concern as Mercury, one of the
largest carriers in the Golden State to offer a water leak
detection device discount, reports nearly 50% of single-family
homes it insures in California are
more than 50 years old, with Southern
California skewing the oldest (75% of Los Angeles County; and 55% of Orange County). However, Mercury advises
homeowners that water leaks begin to occur well before the half
century mark.
California's ongoing drought is
a motivating factor to take action. Slow dripping faucets
or irrigation systems only heighten the seriousness of California's ongoing drought. While many
believe their home water supply system is leak-free, the average
household's leaks can account for nearly 10,000 gallons of water
wasted every year, and 10% of homes have leaks that waste 90
gallons or more per day, according to the EPA5. Some
California water districts are
offering rebates for the installation of water leak detection and
shutoff devices6. "Our program, combined with
California water district rebates,
means some homeowners may be eligible for rebates that would cover
the entire cost of these devices and their installation. Not only
is our program good for the environment, but leaky faucets getting
the attention they deserve will save homeowners money on their
water bill and insurance," said Joseph.
The Flo by Moen Water Shutoff device
records minute-by-minute water usage and can give insights into
where water can be saved – for example, shorter showers or changes
to irrigation cycles. Flume offers 24/7 monitoring, leak alerts,
and usage data that allows users to understand exactly where their
water is going, indoors and out, and compare water usage and
savings with neighbors.
- Creates a healthier home environment. The trend of
creating a healthier home space has increased since the coronavirus
pandemic began. One area of focus is on cleaner indoor air and a
culprit to diminishing the quality can be mold spores, which
naturally occur inside your home and grow due to moisture,
according to the CDC7. Water leaks fuel mold growth, but
the Flo by Moen Smart Water Shutoff
device is able to detect a leak of a single drop in a home, giving
homeowners the ability to perform necessary maintenance before the
leaks lead bigger problems. Flume allows homeowners to set a
vacation mode, which alerts a neighbor of a water issue if you
happen to be out of town.
Mercury Insurance has a broad array of optional coverages to
protect against exposures faced by today's homeowners, including
Home Systems Protection, Service Line Protection, Identity
Management Services and Home Cyber Protection.
Tweet the news: Water smarts meet savings with the
launch of @MercuryIns new smart home subsidy coupled with a
homeowners discount. Check it out today.
www.MercuryInsurance.com/leak-detection
About Mercury Insurance
Mercury Insurance (MCY) is a multiple-line insurance
organization predominantly offering personal automobile, homeowners
and business insurance through a network of independent agents in
Arizona, California, Florida, Georgia, Illinois, Nevada, New
Jersey, New York,
Oklahoma, Texas and Virginia. Since 1962, Mercury has specialized
in offering quality insurance at affordable prices. For more
information, visit www.mercuryinsurance.com or follow the company
on Facebook, Instagram, and Twitter.
About Flo by Moen
Flo by Moen is on a mission to prevent loss one drip at a time
with its whole-home water monitoring and leak protection system.
Flo by Moen's smart home water security system gives homeowners the
products and information they need to proactively prevent water
damage and unnecessary water waste. With decades of plumbing
expertise, Flo is committed to helping prevent this water waste and
protect every U.S. home from serious water damage. Flo is so
confident in its system that it offers an optional guarantee of
effectiveness for up to $5,000
towards your insurance deductible via its FloProtect™ Plan. To
learn more, visit www.meetflo.com. Find Flo by Moen on Facebook,
Instagram, and Twitter.
About Flume
Inspired by California's record
drought, Flume empowers homeowners to better understand their usage
and conserve water. By providing real-time water use information,
Flume protects the home, puts the power of water consumption and
conservation in the customer's hands, and improves the relationship
with our most precious resource. The Flume® Smart Water System
consists of an easy-to-install sensor that adapts to most existing
home water meters, which communicates water use to the homeowner in
real-time. To date, Flume has tens of thousands of devices
installed across the United
States. Learn more at www.flumewater.com.
_________________________
1 Savings may vary by homeowner. A $150 savings is based on a home valued at
$2 million with Mercury Insurance
providing a HO discount and subsidizing the product to calculate
the cost of participating.
2 LexisNexis Risk Solutions White Paper: Insights
and Strategies for smart home insurance programs, Feb. 2020
3 Mercury Insurance Claims Data AY 2017 – 2020
Q3
4 https://magazine.realtor/daily-news/2020/10/27/what-will-homes-be-worth-in-10-years
5 https://www.epa.gov/watersense/fix-leak-week
6 California water districts providing Flo by Moen
and/or Flume rebates include: EBMUD (Bay Area); Foothill (La Canada/Flintridge); Sweetwater (Chula Vista); Helix (La Mesa); and Vista
7 https://www.cdc.gov/mold/faqs.htm
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SOURCE Mercury Insurance