Moen Enters into Strategic Arrangement with Homeowners Insurance Provider to Help Control Rising Costs
13 Junio 2024 - 6:58AM
Business Wire
Smart Leak Detection From Moen Can Help the Insurance Industry
and Its Customers to Minimize the Impact of Water Leaks
Moen, the leader in water experiences in the home, today
announced an initiative with a major insurance provider designed to
drive adoption of Flo Smart Water Monitor and Shutoff devices
through special savings and installation programs for its
customers. This program can significantly reduce the number of
insurance claims customers file related to catastrophic water
damage because of residential leaks. Flo Smart Water Monitor and
Shutoff devices offer a digitally driven and proactive approach to
leak detection, with the ability to help reduce water damage claim
frequency events by as much as 96%,1 as well as household water
wasted through preventable leaks by up to 90 percent.2 Increasing
the number of homes utilizing smart leak detection can help home
insurance providers to reduce their risk of water damage claims and
control costs, and helps homeowners avoid the expense and
disruption caused by preventable water damage.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240613005425/en/
Moen® Flo Smart Water Monitor and Shutoff
devices offer a digitally driven and proactive approach to leak
detection. (Photo: Business Wire)
“Not only does water damage create financial and emotional
hardship for homeowners, it strains the home insurance industry.
Nationally, we estimate that insurers pay out over $15 billion in
water claim damages annually3 of which a significant amount are
tied to leaks.4 By encouraging the use of Flo smart leak detection,
Moen can help insurance companies reduce water damage claims caused
by water leaks and alleviate costs associated with those claims,”
said Jeff Barnes, vice president, business development, Moen.
“Additionally, together with the insurance industry, we can help to
reduce wasted water, which is especially important in areas where
water is scarce. Across the country, an estimated one trillion
gallons of water are wasted due to leaks each year.5”
Moen will be working with Farmers Insurance® to help provide
Smart Water Monitor and Shutoff devices to policyholders.
The Moen® Flo Smart Water Monitor and Shutoff continuously
monitors the pressure and flow rate of the water moving through a
home's pipes, detecting leaks as small as a drop per minute with
Microleak™ Technology – anywhere in the home. If the device
identifies an issue, it will promptly send an alert through the
Moen Smart Water App, enabling users to turn off the water, or in
the event of a catastrophic leak, it will automatically shut off
the water to prevent major damage. Homeowners also can track water
usage by fixture and set conservation goals within the app to
further support water-saving efforts.
For additional information about the Moen Flo Smart Water
Monitor and Shutoff, visit moen.com/flo. Organizations interested
in leveraging the device can contact Partnerships@Moen.com.
1 Results from the 2020 LexisNexis Study can be found here 2
Based on average American annual water leaks of 10,000 gallons 3
Internal Company estimate based on information from sources such as
the Insurance Information Institute and the U.S. Census Bureau 4
Non-Weather Water Claims 5 Environmental Protection Agency
ABOUT MOEN
Moen is the #1 consumer faucet brand in North America, offering
a vast array of stylish and innovative kitchen and bath faucets,
showerheads, accessories, bath safety products, kitchen sinks,
garbage disposals, leak detection products and connected home
offerings for residential applications that give consumers more
power than ever before to understand and control the water that
flows through their homes. These thoughtful designs deliver an
exceptional user experience and elevate how people interact with
water daily. In addition, Moen® Commercial offers
superior-performing products that can deliver lower lifetime costs
for today's facilities. For more information, visit moen.com.
ABOUT FORTUNE BRANDS INNOVATIONS
Fortune Brands Innovations, Inc. (NYSE: FBIN), headquartered in
Deerfield, Ill., is a brand, innovation and channel leader focused
on exciting, supercharged categories in the home products, security
and commercial building markets. The Company’s growing portfolio of
brands includes Moen, House of Rohl, Aqualisa, Emtek, Therma-Tru,
Larson, Fiberon, Master Lock, SentrySafe, Yale residential and
August. To learn more about FBIN, its brands and environmental,
social and governance (ESG) commitments, visit www.FBIN.com.
SOURCE: Moen, Inc.
SOURCE: Fortune Brands Innovations, Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240613005425/en/
MOEN CONTACT: Samantha Eastman or Emily Baker
Falls & Co. (216) 696-0229 seastman@fallsandco.com
ebaker@fallsandco.com
INVESTOR CONTACT: Leigh Avsec Fortune Brands
Innovations, Inc. (847) 484-4211
Investor.Questions@fbhs.com
Fortune Brands Innovations (NYSE:FBIN)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Fortune Brands Innovations (NYSE:FBIN)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
