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Advantages of Bundling Your Home and Auto Insurance Policies

There are several ways you can save money on your homeowners and auto insurance. One of the most practical options is to get your insurance policies through one carrier. It can bring major cost savings and make coverage management much easier for you. Here’s a look at why bundling your home and car insurance makes economic sense.

Bundling Discounts

Most insurers give a significant discount on bundled insurance policies. If you get your home and auto policies under one carrier, you may save up to 15% or higher of your car and homeowners coverage costs. It’s an ideal way to have affordable insurance without necessarily losing any of your existing coverage benefits.

Out-of-pocket Savings

Bundling insurance offers coverage perks that aren’t usually available with policies from multiple carriers. These can include savings on out-of-pocket expenses when a covered event occurs, such as property damage. For instance, you may only have to pay a single deductible on damage to both your car and home. However, if you had your auto policy and home insurance with different insurers, you’d have to pay a separate deductible for damage to each property.

Peace of Mind

Having a single carrier for your home and auto policies makes coverage management easier. There’s less paperwork to handle and only one company to deal with when you’re filing a claim. You only need to manage one insurance account and use one mobile app for both policies. When you need to check your plans, renew your policy, or pay premiums, you can accomplish everything from one place. Life can be a lot easier for policyholders with multiple coverages under a single provider. 

Lower Likelihood of Being Dropped for High-risk Coverage

Insurers usually cancel coverage that they deem too risky. Yet, if you have multiple active policies with your insurance company, you’re less likely to be dropped for homeowners insurance coverage even if your property is considered a high-risk. This benefit is worth considering if your home’s location is prone to covered perils like wildfire, crime, or severe weather. You’re more likely to retain your coverage in such a high-risk area if you have all your policies under the same insurer. Bundling is also a good idea for policyholders that file a lot of claims. Insurance companies do drop such clients for the same reason.

How to Get the Most out of Bundled Coverage?

The benefits of having your auto and homeowners policies through one company don’t necessarily come automatically. You need to research your existing coverages and multiple offers on the market. If you already have the two policies (or more) with different insurers, you’ll want to review the coverage details for each so that you don’t lose key benefits when you drop one of the companies. Make sure to check the coverage limit, annual premium, and deductible for each of your existing policies.

When you’re ready to shop for bundled coverage, start by comparing quotes from different carriers. Your insurance agent can help with this part of the research. Remember to compare any bundled discounts and know what exactly you’re getting with each plan. You can bundle once you’ve identified an offer that suits your coverage needs at a cheaper rate.  

These are the financial perks of having homeowners and auto insurance coverages under one insurer. As bundling cost benefits can vary from carrier to carrier, you may want to compare packages before buying. The team at McCarty Insurance Agency can get you multiple homeowners and car insurance quotes to help you make an informed choice. Contact us today for help regarding saving money on personalized insurance coverage.

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