When looking at options for insurance quotes, you may have heard insurance brokers suggesting choices for bundling home insurance and auto insurance. If you are wondering whether bundled insurance policies are worth it and if they can help you save money, we are here to help. Although it comes with many benefits, there are a few things you must consider before choosing a combined policy. Before we discuss them, let us understand the meaning of bundling insurance policies and its advantages.
What is Bundling Insurance?
When it comes to insurance policies, bundling refers to purchasing multiple lines of coverage such as auto insurance, home insurance, and more from the same company by combining them.
Benefits of Bundling Home and Auto Insurance
Most insurance companies offer a discount if you buy combined insurance coverage from them. The amount of money you could save varies depending on the company. By choosing to bundle your policies, you can save 10% to 20% on each coverage.
If you buy your home and auto insurance policy from the same company, you will have to deal with only one company, meaning fewer things to manage. It can help make things easier for you and ensure that you get the best deal in the market.
- Deductible Requirement
The deductible refers to the amount you have to pay when filing an insurance claim with your company. Your insurance company pays the rest of the expense up to the coverage limit. If you have to file a claim of $5,000 and your deductible is $1,700, you would pay $1,700, and your insurance company pays $3,300. By combining policies, your insurance company may accept one deductible for both your home and vehicle should both be affected by an accident.
Things to Consider When Bundling Insurance Policies
- Choose the Right Coverage
If you decide to bundle home and auto insurance or any other policies, it is essential to select the right coverage. It helps to understand the terms and conditions involved by talking to your insurance broker. This way, you can ensure that you have enough coverage for any potential losses and cover your liability.
- Ensure It Reduces Your Premium Amount
Before combining your policies, make sure that it is financially beneficial to you. Be sure to ask your broker about different coverage options to find the best fit for you when bundling auto and home policies.
- Look for Multiple Options
It helps to shop around to know which option works best for you. Check out different quotes for bundled policies to know which one suits your needs.
Get the Best Home and Auto Insurance in Canada
Finding affordable home and auto insurance quotes that meet your requirements is easier than you may think. All you need to do is hire a reputable insurance broker such as Orr & Associates to ensure you get the best deal. We have expert brokers who can come up with the most suitable policies as per your needs and budget.
For more information about our insurance products and services, please call us at 905-833-6691 or toll-free 1-866-521-5926. You could also fill out our online form to request your home and auto insurance quote.