Insurance is a necessary expense for most households, but it doesn’t have to be an investment that breaks the bank. You want to be sure you’re getting the best coverage for your possessions while also utilizing possible discounts. If you’re the owner of both a home and a vehicle, there’s likely an opportunity to secure savings by bundling your policies. Beyond savings, you can also take advantage of the other benefits bundling has to offer. Let’s discuss what it means to bundle your insurance policies and all the perks that come with doing so.
What Does Bundling Your Insurance Policies Mean?
Bundling your insurance is a simple way of saying you carry multiple policies with one insurance company. While the types of coverage that can be bundled depend on the insurance carrier, many offer multi-policy discounts when bundling two or more of their products. It’s most common for homeowners or renters insurance to be bundled with auto insurance, but you can often find discounts associated with adding flood insurance, boat insurance, and various other personal and business policies.
What are the Benefits of Bundling Your Insurance Policies?
Bundling has several benefits, from savings opportunities to convenience. Let’s take a closer look at the advantages of bundling your insurance policies:
- Cost Savings: The most prominent benefit is the multi-policy discount. If you bundle two or more policies with the same carrier, you may save 10-20% or more on your insurance premium.
- Convenience: Bundling makes managing your policies simpler. When your policies are with the same carrier, you only need to consult one company for any of your insurance inquiries.
- Simplified Claims Process: Should something occur to your property that requires an insurance claim, you can file each of your claims with the same company.
When you bundle your insurance, your agent is also much more in tune with your insurance needs and requirements and can make better recommendations based on this knowledge.
How Do You Bundle Your Insurance Policies?
It’s as easy as contacting your insurance agent. Discussing your needs with your agent can help them work with you to find the most suitable coverage for your lifestyle. They will determine the best combination of policies and will walk you through the necessary steps to bundling your insurance. An independent insurance agent will also help you shop around for the carrier that offers the best bundling discount, including further cost savings related to electronic funds transfer, defensive driving, advance payments, and more.
When Doesn’t It Make Sense to Bundle?
Savings can drastically lighten your financial burden, but in most cases, proper coverage is most important when shopping for insurance. For instance, if you want to switch providers to obtain bundling savings, but you’re doing so at the cost of less coverage, you could be putting yourself at risk of paying more when filing a claim. You want to make sure that when you’re bundling, it matches or exceeds your previous coverage.
When you bundle your insurance policies, not only are you taking advantage of a discount, but you’re also investing in more convenience. If you’re looking to bundle your policies, the best and easiest thing you can do is consult an insurance expert. At TJ Woods Insurance, our agents are experienced at finding discounts for homeowners, renters, and auto insurance, and we can help you find an insurance company that offers the right amount of coverage. If you’re on the hunt for policy discounts or want to inquire about bundling, contact us today.
