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Product Introduction: Lowe's Offers Complete Home Water Supply Control with Smart Valve for Iris
By Lowe's Iris 2015-01-07
Lowe's Companies, Inc. has announced the latest addition to its Iris smart home system with the introduction of an affordable water shut off valve that can be controlled over the Internet to protect homes from flooding and potentially costly repairs.
The Smart Valve is the first of its kind to link to water leak detectors and temperature sensors to automatically shut off the water supply if there is a leak detected or the temperature is too low, which may cause a pipe to freeze when homeowners are away.
"Many of our customers have experienced serious flood damage from burst pipes and leaks," said Kevin Meagher, Lowe's vice president and general manager, Smart Home. "The Smart Valve offers a new level of protection for their homes and gives them the peace of mind to know that if anything happens they will be alerted and damage can be minimized."
Water damage and freezing account for 22 percent of all homeowner insurance claims, with the average cost exceeding $7,000, according to the 2014 Insurance Fact Book from the Insurance Information Institute. Insurance companies, like Liberty Mutual Insurance, are offering discounts to its customers who take the extra step in adopting technologies that keep their home safe.
"Liberty Mutual Insurance is committed to helping customers live safer, more secure lives, and self-monitored, smartphone enabled, water damage mitigation devices help achieve that goal. The ability to immediately detect and automatically take steps to stop water leaks with affordable solutions is an exciting advancement in smart technology," said Michael Robon, Senior Vice President of Liberty Mutual Insurance. "Preventative technologies like the Smart Valve can significantly reduce the risk of water damage to one's home from undetected leaks. This provides greater peace of mind by enabling early detection and minimizing damage. Liberty Mutual Insurance embraces these new technologies and believes customers who use devices like these to proactively protect their homes should be rewarded for this behavior. This is why we are rolling out Smart Home discounts to many states, including specific discounts for water mitigation devices."
The Smart Valve by Waxman is available in Lowe's stores nationwide and online at Lowes.com for $159.