Many consumers are unaware that the standard equipment in their homes, like furnaces and central air conditioning units, may not be covered for physical damage or loss under their homeowners insurance policy. Once the extended warranties on the equipment expires, the homeowner is on the hook for potential losses.

The same situation applies to today’s smart home systems. The idea of remotely controlling a home’s lights and security systems using a smartphone was farfetched a decade ago—closer to science fiction than actual science. But now, the market for these devices is growing fast.

Consumers who have invested in smart systems are typically covered for their breakdown or failure by a short-term warranty. Given the growing number of smart devices—refrigerators, washing machines and stoves, just to name a few—consumers are unlikely to know when each individual warranty will expire, or fully understand the coverage terms and conditions.

The good news is that all such equipment and systems can be insured through a home systems protection policy. However, as many as 34% of independent agents don’t know enough about home systems protection coverage to promote its value, according to a 2018 survey by The Hartford Steam Boiler Inspection and Insurance Company (HSB).

“The survey provides clear evidence of an educational awareness gap,” says Jeremy Coffman, HSB’s vice president, client company manager. “The regrettable outcome is that homeowners fail to have a coverage they need, and agents miss out on an additional sales and revenue opportunity.”

Given the growth in the types of smart home systems, agents have a very compelling reason to contact their policyholders with valuable advice. “It says to the policyholder that the agent cares about them and their financial security,” Coffman says. “This increases the likelihood of retaining these policyholders over the long run.”

Home systems risks can also be a door opener with prospective customers, leading to discussions of insuring additional equipment in the home like drainage pipes and hot water systems. “At some point, the warranty provider will reach out and say it’s time to renew,” Coffman says. “The costs for each warranty add up and are complicated to manage, given their respective coverage terms and exclusions.”

Alternatively, a Home Systems Protection Plan offered by HSB through its partner insurance companies is straightforward and comprehensive, covering home systems and other equipment via a single policy with an annual premium. The coverage is incorporated into the consumer’s current homeowners policy form or available as an endorsement.

Billing, premiums and claims flow directly through the current homeowners carrier. In the event of a claim, the policyholder’s eligibility for homeowners insurance is not affected. “In another survey, we found that if policyholders knew this fact, 94% would likely buy the insurance,” Coffman notes.

With smart home systems and equipment on track to become ubiquitous features, agents have a great opportunity to help homeowners address a growing exposure, while enhancing customer retention and revenue. That’s what anyone would call “smart.”

Russ Banham is a Los Angeles-based freelance journalist who writes frequently about insurance and risk management.