Do you think you know all there is to know about car and home insurance? Whether you have been a homeowner for decades or just signed the papers on your first mortgage, you may be surprised to find that purchasing home and auto insurance is not as straightforward as it may seem. Instead of buying individual policies based on the lowest quoted rates, you might find it more beneficial to bundle your home and auto insurance with the same Wisconsin carrier instead. Continue reading to discover our three little-known benefits of purchasing car and home insurance with the same company.
Premium Savings
Everyone could use a little extra jingle in their pocket. That is why many homeowners and drivers shop around to compare rates before purchasing a new policy. However, competitive quotes are only part of the equation when it comes to insurance your car and home. In fact, an insurance company with a slightly higher rate may ultimately be able to provide the most affordable coverage for comprehensive home and auto insurance if you purchase both policies through the same carrier.
Often referred to as a ‘bundling discount’ or ‘multi-policy discount’, nearly every insurance company offers some sort of rate discount to customers who purchase insure multiple properties, vehicles or other assets. According to the Insurance Information Institute, most companies will discount rates by as much as 5 to 15 percent. Although it still pays to consider the cost of individual coverage from multiple carriers, multiple-policy discounts often prevail.
Shared Deductible Savings
Even if you are familiar with multiple policy discounts, you may not be familiar with shared deductible policies. Known as package insurance, this refers to a single policy that insures all of your asset and liability needs. For most people, this includes a home and one or more vehicles, as well as any coverage necessary to run a small business, investment properties, or protect other assets like an ATV, boat or motor home.
With a package insurance policy, there is just one deductible applicable to a claim. This can save money in the event multiple properties are damaged in the same covered event. Instead of paying separate deductibles for your house and car when the water heater explodes in your garage, your out-of-pocket responsibility would be limited to just one deductible.
One Bill, One Company, Less Time
Imagine how much easier life would be with fewer bills. When you purchase your insurance from the same company, you can consolidate your premiums and save time making payments each month. In addition, you gain the benefit of working with a single carrier and agent, helping to streamline the claims process.
Considerations
It is important to note that multiple policy discounts and package insurance is available even if you are not a homeowner. Some insurance companies may be willing to extend discounts on coverage or package policies to renters and condo owners as well. It is important to consult with an independent agency like Homewood Insurance Agency to determine if a car and home insurance bundle could be right for you.
