Home insurance claims made by Australians last year totalled $4.9 billion, leaving individuals around $1,000 out-of-pocket on average each year in excess payments, according to smart home insurance provider Honey Insurance’s (Honey) latest research.
Honey’s study, conducted by YouGov in April 2022, found that 3.3 million Australians with home insurance (30%) made at least one claim within the past 12 months. The top three claims were water leakage (27%), fire (23%), and storm (22%).
More than half of the respondents with home insurance (52%) said they believe their current home and contents insurer does nothing to proactively keep their homes safe, despite receiving an average of $1,386 annually. Meanwhile, a third of the respondents (34%) said they felt regretful for not taking the necessary actions to avoid the claims.
However, Honey found that nearly 50% of home insurance claims are avoidable, and utilising in-home sensor technology will significantly reduce the number of incidents at home.
Considering the report’s findings, Honey has launched “Honey House,” a 60-foot-square-metre, 8.5-tonne upside-down home with seven conceptual interactive rooms, with the interior featuring suspended furniture, daring décor, mirrored optical illusions, and modified household items. It offers an immersive and existing space while drawing attention to areas at home that are most at risk of claims.
“Honey invests in our customers upfront to protect them with technology, which we feel is just as important as helping with a claim. We want to show Australians how smart technology can reduce risk in their lives and also blow them away with ease of use. Honey is making home insurance as easy as ordering an Uber or finding a show on Netflix,” said Honey founder and CEO Richard Joffe.
According to Honey House interior designer Emma Deleany, having most of the furniture suspended on the roof allows the user to see more clearly into obscure places that might need to have sensors.
“The design process for Honey House came from looking at the brand ethos and building an interior space that would reflect this in a futuristic and conceptual way while remaining fun, youthful, and stylish,” Deleany said.
The launch follows Honey’s partnership with the Bank of Queensland (BOQ), making it the first bank in Australia to offer smart home sensors to households.
