(Phyn Plus smart water monitoring device. Source: Phyn.)
Selective Insurance, a Branchville, N.J.-based business, home, and auto insurer, has announced that it is working with Phyn, a provider of intelligent water solutions, to offer Phyn Plus, the vendor’s smart water monitoring device, to eligible homeowners policyholders in select states. Phyn’s innovative technology monitors a property’s plumbing system to detect and mitigate leaks before they can cause extensive damage to homes and possessions.
Water damage is one of the most common home hazards, and each non-weather-related home claim generates an average of $13,000 in repair costs, according to Selective’s analysis of its 2022 claims data. Professionally installed on a home’s main water line, Phyn Plus is designed to protect and monitor a property’s entire plumbing system 24/7 to automatically detect all types of leaks, from pinhole and drip leaks to frozen pipe bursts. Phyn alerts homeowners in real-time when a leak is detected, helping to reduce the risk of costly water damage. If there is a catastrophic leak, Phyn can remotely and automatically shut off the property’s main water supply. The Phyn mobile app also gives homeowners detailed insights into water use to help them conserve water and save money.
Value Creating Technology
“Phyn Plus is the newest risk reduction solution we’re offering our policyholders,” comments Allen Anderson, SVP, Personal Lines, Selective Insurance. “This value-creating technology helps reduce the risk of water-related property damage and limits the likelihood of inconvenience, disruption, and calamity to our eligible policyholders.”
“We are thrilled to collaborate with Selective Insurance and for the opportunity to relieve policyholders from the financial and mental burdens often associated with water damage,” adds Ryan Kim, CEO, Phyn. “Phyn Plus stands as a proven and trustworthy solution, and we hope to empower homeowners with proactive measures that not only safeguard their investments but also pave the way for substantial long-term cost savings.”