However, smart-home devices aren't just for convenience. Some of them may qualify you for a discount on your homeowners insurance because they can help keep your home safe and secure.

Discounts for smart-home devices

InsuredCircle contacted a dozen insurance companies and discovered that the majority of them provide discounts to homeowners who have smart-home devices that prevent water damage, fire, or theft. We discovered companies advertising homeowners insurance discounts of up to 13%, depending on the device and where you live, during our research.

Water leak sensors, security cameras, and smoke detectors were the smart devices most commonly eligible for discounts among the companies we surveyed. However, insurers such as Farmers and Lemonade provide discounts for smart locks, and Amica and Farmers provide discounts for motion sensors.

If you already have a smart-home device, check with your carrier to see if you qualify for a discount.

Some insurance companies have partnered with smart-home technology companies to make the devices more affordable — or even free. State Farm policyholders in most states, for example, can sign up for three years of free Ting service. Ting offers a plug-in that monitors your home for electrical issues that could lead to a fire.

Hippo, a homeowners insurance startup, provides free smart home-monitoring kits from partners such as Kangaroo and SimpliSafe to policyholders in eligible states. If the policyholder installs and maintains the devices, they can save up to 13% on their homeowners insurance.

Amica policyholders can save money on select smart-home devices from Moen, Guardian, or Kangaroo, while Nationwide offers nearly 50% off Notion smart sensors. These savings are in addition to the homeowners insurance discounts you will receive after installing the devices.

Why insurance companies reward smart-home devices

Insurance companies provide discounts for smart-home devices because the technology can help detect problems early, potentially avoiding costly claims.

Assume you have a smart water sensor next to your water heater, and the appliance leaks. The device could emit an audible alarm and send an alert to your phone, allowing you to act quickly. (Some devices even have a feature that turns off the water automatically.)

According to Brett Sobol, senior growth initiatives lead at Hippo, without the sensor, you could end up filing a claim, paying a large deductible, and having contractors in your basement cleaning up damage. However, with the sensor, the damage may be so minor that you won't need to file a claim at all.

"The best experience is one in which there is no claim," Sobol says.

Should you buy smart-home devices?

The cost of smart-home technology can quickly add up. Consider your home's unique risks if you want to invest in a protective device but aren't sure which ones are worth the money, says Karen Collins, assistant vice president of personal lines at the American Property Casualty Insurance Association.

Water sensors, for example, may be worthwhile to purchase if your home has older plumbing, according to Collins. However, if you live in a high-crime area, your money might be better spent on a home security system.

According to Sobol, water sensors are a good bet for many homeowners. According to Sobol, "water damage is by far the most common claim" that smart-home devices can help prevent. Installing sensors in bathrooms, basements, and under appliances "can [keep] small claims from becoming large claims."

Inquire with your insurer about whether the devices you're considering are eligible for a homeowners insurance discount. They may pay for themselves within a few years, depending on the amount of the discount and the cost of the devices.

Remember that the advantages of smart-home technology may extend beyond insurance savings. "Investing in smart-home technology can provide customers with peace of mind, knowing that their home is better protected," Sobol says.