MEMPHIS, Tenn. - Frontdoor, Inc. (NASDAQ: FTDR), a leading provider of home service plans and home warranties, has announced an expansion of its partnership with Moen to provide installations of the Moen Flo Smart Water Monitor and Shutoff device in seven additional states. Starting November 1, the service will be available in Arizona, Utah, Idaho, Oregon, Texas, Georgia, and South Carolina, complementing an existing program in California.
The Moen Flo Smart Water Monitor and Shutoff is a leak detection and water shut-off system that is designed to protect homes against water damage. Insurance providers in certain states now mandate the installation of such devices. The system monitors water usage, detects leaks, and can automatically shut off water supply in the event of a catastrophic leak, potentially reducing water damage insurance claims by up to 96% as per a 2020 LexisNexis Study.
Kathy Collins, Chief Revenue Officer at Frontdoor, expressed enthusiasm about the expansion, citing the opportunity to leverage the company's network of independent contractors and drive its on-demand revenue model. Jeff Barnes, vice president of business development for Moen Smart Water, highlighted the digital and proactive approach of the Moen device in leak prevention.
In addition to installation services, customers who purchase the Moen Flo device will receive a complimentary one-year Frontdoor Unlimited membership. This app connects homeowners with Frontdoor plumbing experts via video chat during business hours and allows scheduling of in-person services through an extensive network of independent contractors.
Frontdoor, Inc. is known for its comprehensive home maintenance solutions, including the Frontdoor app, which assists homeowners with repair and maintenance through real-time connections with experts. Moen is recognized as North America's top consumer faucet brand, with a wide range of products designed to enhance user interaction with water in homes.
This expansion aims to bring a full Water Protection Service to more homeowners and aligns with Frontdoor's mission to help homeowners maintain and protect their homes. The information for this expansion is based on a press release statement from Frontdoor, Inc.
In other recent news, Fortune Brands (NYSE:FBIN) Innovations, Inc. has declared a quarterly cash dividend of $0.24 per common share. The dividend, reflecting the company's financial health and consistent shareholder value generation, is due for payment in the second week of December. This move aligns with Fortune Brands Innovations' strategy of providing returns to its investors while maintaining a focus on its core business areas.
In an exclusive agreement, Frontdoor, Inc. has partnered with Moen, a Fortune Brands Innovations' brand, to install the Flo Smart Water Monitor and Shutoff systems in California. This collaboration aims to significantly reduce residential water damage insurance claims and is expected to reach thousands of installations monthly when fully operational. Jeff Barnes from Moen has suggested that the Flo system could potentially decrease water damage claims by up to 96%.
California customers purchasing the Flo system will be offered a complimentary one-year Frontdoor Unlimited membership, providing various maintenance benefits via the Frontdoor app. This initiative marks a strategic move by Frontdoor to incorporate smart home technology into its home warranty and maintenance solutions. These are recent developments in the operations of both Fortune Brands Innovations and Frontdoor, Inc.
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