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Sign into your accountWhat is the Value of a Digital Home?
April 13 2015
In 2014, over five million homes were bought and sold. And according to the Census, there are about 120 million homes in the US, of which approximately 70 million are full-time owner occupied.
A "physical home" has been well understood for probably a few centuries. People intuitively know that a physical home is made up of various structural materials, building materials, equipment, fixtures, and finishes. The real estate process and well defined property laws transfer ownership of these physical homes from one person to another, and the insurance industry insures not only the physical home, but the physical possessions in it.
But the last 40 years has introduced us to a "digital" world that is interconnected via the internet. So we should ask ourselves the questions of what a "digital home" is, and what the value of a digital home is during the three phases of the homeowner lifecycle--owning, selling and buying a home.
A digital home is a collection of all the digital data about a home. This digital data is photos, documents, videos, and other information about the home and all the equipment, materials, fixtures, finishes and appliances. There are many parts and pieces of a physical home that have a corresponding digital representation of those assets.
Once a digital home is aggregated into a computer system, then it can become very valuable to a homeowner. The digital home could then proactively remind homeowners of various home maintenance tasks required to keep the home and its fixed assets operating efficiently, safely and providing a healthy living environment. The digital home could also help ensure that the proper amount of insurance is covering those assets.