, the Denver-based startup that could save insurance companies billions with its home sensors.
Compared to detecting a break-in, sensing a water leak may not sound like a terribly exciting feature, but Notion includes that capability for a very good reason: Water losses are responsible for $8 billion in paid insurance claims each year, according to risk assessment firm ISO. And even though most insurance policies do cover these accidents, no one wants to endure the weeks or months it takes to dry, gut, and repair a damaged home--not to mention the premium increase that's sure to follow.
Notion's devices are designed to help homeowners realize these leaks are happening before the damage becomes severe. Placing a sensor near some of the most likely sources of water escapes -- dishwashers, toilets, tubs, sinks, and water heaters, as well as in flood-prone basements or ground levels -- could help make sure a potentially massive spill stays limited to a mop-up.
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