Lowe's adds water shut-off valve to Iris suite

Lowe's has expanded its Iris smart-home offerings with the addition of the Smart Valve by Waxman, an automatic water shut-off valve that protects homes from flooding.

Here's how it works: the Smart Valve connects to water leak detectors and temperature sensors, automatically shutting off the water supply in the case of a leak or temperatures low enough to cause pipes to freeze.

"Many of our customers have experienced serious flood damage from burst pipes and leaks," said Kevin Meagher, Lowe's VP and general manager, Smart Home. "The Smart Valve offers a new level of protection for their homes and gives them the peace of mind to know that if anything happens, they will be alerted and damage can be minimized."

Lowe's cited the 2014 Insurance Fact Book from the Insurance Information Institute, which reports that 22% of all homeowner insurance claims come from water damage and freezing.

The Smart Valve is now available at Lowe's stores and online at Lowes.com for a retail price of $159.