Why Is It a Good Idea to Bundle Your Insurance Coverage?

Why Is It a Good Idea to Bundle Your Insurance Coverage?

Everyone loves saving money, and one simple, convenient way to do it is by bundling your insurance. If you’re already paying for insurance, you might as well save money where you can.

What Is Bundling Insurance Coverage?

You “bundle” your insurance coverage when you buy several policies, such as renter’s, auto, and life insurance, from the same insurer.

When you bundle your coverage, all your policies are located in one place, making management less complicated. Here are a few other reasons to consider bundling your insurance coverage.

It Saves Time

Bundling your insurance coverage not only makes organizing your various policies easier but also saves you time.

If you have multiple insurance polices with different providers, it can be difficult to keep track of your renewal dates, costs, and coverage details. When you bundle your policies, you work with one provider and therefore have access to all the relevant information in one convenient place.

It Saves Money

Perhaps one of the best benefits of bundling your insurance policies under one insurer is that it reduces cost. Most insurance providers offer multi-product discounts to help save customers save money on their premiums.

Whether you’re bundling home and auto insurance, motorcycle and renter’s, or another combination, you’re practically guaranteed to save. In fact, a recent study found that consumers who bundle their auto and homeowners insurance save 16% on average.

It Expedites the Claims Process

In the unfortunate event that you experience an accident where more than one of your belongings is damaged, you won’t have to call multiple numbers (and be put on hold multiple times) while filing a claim if you have all your policies with the same provider.

It Reduces Your Chances of Being Dropped

Insurance companies reserve the right to refuse or drop coverage as they see fit. However, if you have multiple policies with a single insurer, it’s less likely that the company will cancel your coverage, as they’ll see you as a loyal and dependable customer.

Coverage Options Offered by Insurance Companies

If you live in Florida, you can bundle multiple types of insurance that are more likely to apply to the average Floridian, such as condo, boat, and flood insurance.

Insurance companies cover a variety of insurance types, including:

  • Home
  • Auto
  • Renter’s
  • Life
  • Boat
  • Motorcycle
  • Condo
  • Flood
  • Umbrella

If you decide to bundle your insurance, talk to your provider to find out what types of coverage are available to you and how much you can expect to pay for them.

How to Know What Types of Coverage You Need

As a general rule, your personal property insurance coverage depends on either your total renter’s or homeowner’s coverage. However, you can customize your coverage based on the type and value of your possessions.

When determining what types of coverage you need, you should create a home inventory. Go through your home and make a note of everything you would want to replace in the event of a break-in or disaster.

Once you’ve taken inventory, consult your insurer to determine whether your belongings are covered under your existing policy. They can help you determine what steps you may need to take to ensure you’re adequately protected.

Take the Guesswork out of Insurance

Your personal property coverage doesn’t have to be complicated. Take the guesswork and stress out of your insurance coverage by determining what coverage you need and bundling your policies to save money, time, and stress.

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The above description(s) provide(s) a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.