Frontdoor, Inc. Expands Agreement With Moen to 7 Additional States
Frontdoor, Inc. (NASDAQ:FTDR), the nation's leading provider of home warranties, today announced it is expanding its exclusive agreement with Moen to install Moen Flo Smart Water Monitor and Shutoff, a water shut-off valve, in seven new states for customers who purchase Flo as part of certain marketing programs with home insurance providers. Leak detection and shut-off valves are now required by selected insurance providers in certain states. The Moen Flo device is designed to monitor water use, detect even small leaks, and will automatically shut off water to the home if a catastrophic leak is identified.
Under the new agreement, effective November 1, Frontdoor will provide installations in Arizona, Utah, Idaho, Oregon, Texas, Georgia and South Carolina. This is in addition to an agreement signed earlier this year to perform installations in California.
"We are delighted to expand our agreement with Moen beyond California," said Frontdoor, Inc. Chief Revenue Officer Kathy Collins. "This is a great opportunity to leverage our network of independent contractors and drive our on-demand revenue model."
"The goal of this agreement is to reduce insurance claims related to catastrophic water damage from residential leaks. The Moen device offers a digitally driven and proactive approach to leak detection, with the ability to help reduce water damage claim frequency by as much as 96%*," said Jeff Barnes, vice president of business development for Moen Smart Water. "The expansion of our relationship with Frontdoor allows us to bring a full Water Protection Service, including Flo installation – to even more homeowners."
Under the new agreement, in addition to performing the installations, Moen Flo customers will also receive a Frontdoor Unlimited membership free for a full year. Frontdoor is an app for all things home repair and maintenance. If the Flo Shutoff detects a leak, customers can quickly get help during normal business hours by video chatting with a Frontdoor plumbing Expert, or if in-person help is needed, they can schedule service through Frontdoor's extensive network of independent contractors.
For more information on Moen's Flo Shutoff, go to Moen.com/Flo. For information on partnering with Moen, email [email protected].
*Results from the 2020 LexisNexis Study can be found here.
About Frontdoor, Inc.
Frontdoor is reimagining how homeowners maintain and repair their most valuable asset – their home. As the parent company of two leading brands, we bring over 50 years of experience in providing our members with comprehensive options to protect their homes from costly and unexpected breakdowns through our extensive network of pre-qualified professional contractors. American Home Shield, the category leader in home service plans with approximately two million members, gives homeowners budget protection and convenience, covering up to 23 essential home systems and appliances. Frontdoor is a cutting edge, one- stop app for home repair and maintenance. The app empowers homeowners by connecting them in real time through video chat with pre-qualified experts to diagnose and solve their problems. The Frontdoor app also offers homeowners a range of other benefits including DIY tips, discounts and more. For more information about American Home Shield and Frontdoor, please visit www.frontdoorhome.com.
About Moen
Moen is the #1 consumer faucet brand in North America, offering a vast array of stylish and innovative kitchen and bath faucets, showerheads, accessories, bath safety products, kitchen sinks, garbage disposals, leak detection products and connected home offerings for residential applications that give consumers more power than ever before to understand and control the water that flows through their homes. These thoughtful designs deliver an exceptional user experience and elevate how people interact with water daily. In addition, Moen® Commercial offers superior-performing products that can deliver lower lifetime costs for today's facilities. Moen is part of Fortune Brands Innovations, Inc. (NYSE:FBIN), a brand, innovation and channel leader focused on exciting, supercharged categories in the home products, security and commercial building markets. Moen anchors Water Innovations (WINN), which also includes several brands under the House of Rohl® including Perrin & Rowe®, ROHL®, Riobel®, Shaws® and Victoria + Albert®. Fortune Brands' other brands include Fiberon® composite decking and railing products; Master Lock®, Yale® residential, August® and Sentry® Safe security products; LARSON® storm doors and Therma-Tru® entry door systems. For more information, please visit www.FBIN.com.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors. Readers are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. The reports filed by Frontdoor pursuant to United States securities laws contain discussions of these risks and uncertainties. Frontdoor assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are advised to review Frontdoor's filings with the United States Securities and Exchange Commission (which are available on the SEC's EDGAR database at www.sec.gov and via Frontdoor's website at investors.frontdoorhome.com).
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