AFM consistently encourages behavior that helps to reduce potential losses. One way to do this is by offering policy discounts when certain criteria is met. For example, most individuals are already familiar with credits available for having a specific type of Fire or Theft Alarm system installed in a dwelling.
In response to suggestions from our independent agents, AFM is pleased to announce that beginning with the 7/1/23 lines effective date, we will now offer credits for certain water protection devices.
What exactly is a water protection device? This relatively new technology is comparable to a Fire or Theft Alarm system. Imagine being on vacation and receiving a notification when there is irregular water usage at your house. Or being able to shut off the water supply to your home from your smartphone once you determine that an issue exists. With a water protection device installed in your home, these scenarios aren’t science fiction; they’re reality.
There are several different levels of protection available. The most basic type of system simply sends a notification to the user’s smartphone when a potential problem is detected, alerting them to investigate further and take any needed action. The most advanced technology is monitored 24 hours a day, 7 days a week and will completely shut off the home’s water supply according to how the device’s default preferences are set.
Credits do not apply for some types of water protection devices, and proof of installation is required to be submitted in order to receive some of the credits that are available. For more information on the different types of water protection devices and which ones qualify for credits, please click on the blue “i” in BriteQuote next to the Water Protection Device question under the Discounts and Common Endorsements section of the Rating Tab. As always, our Underwriting Team is also available to answer any specific questions during normal business hours.
Obviously, time is of the essence when a water leak or frozen pipe situation occurs. The quicker the issue is addressed, the less damage is done. Having these types of systems in a home can help lessen the severity of a water claim, if not completely preventing one from being filed.