3 Benefits of Bundling Your Insurance Policies
June 20, 2024Insurance can be complicated, especially when it comes to obtaining, reviewing, and managing multiple policies. An independent insurance agent can be a valuable resource for obtaining and reviewing insurance proposals and ensuring you get the coverage you need without the stress. In many cases, it can make sense to bundle your insurance policies, and doing so can provide benefits to you as the insured. Here are some potential benefits of bundling your insurance policies:
1. There Are Often Multi-Policy Discounts
Although there are exceptions to the rule, bundling multiple insurance policies makes sense most of the time. One of the biggest benefits of bundling your insurance policies is that there are often multi-policy discounts available.
By bundling multiple policies with one insurance carrier, you are often able to obtain a lower total cost for your coverage than you may have been able to achieve with separate policies at different carriers for the same coverage. Over time, this results in actual savings and not less insurance.
Depending on the policies you need, you may even be able to combine the policies for a single premium and deductible. Bundling homeowners’ or renters’ insurance with auto insurance is one of the common combinations. Multi-policy discounts in this way are common discounts for personal lines policies.
2. Combining Policies May Provide Even More Coverage Options
Multi-policy bundles are attractive for insurance companies and they will often offer complex bundles and incentives to encourage insureds to bundle their policies. As a result, bundling policies can make it easier to obtain coverage from a carrier and it may open up additional coverage options that may not have been available to you with a monoline policy.
In some cases, bundling policies may be the only way for you to receive an accurate insurance proposal from a new carrier. Although it isn’t happening yet with every carrier, emerging insurance trends indicate that monoline policies are becoming more limited and underwriting restrictions are becoming stricter across the board.
This means that some carriers are no longer offering monoline policies to new insureds and that some coverage options may only be available with specific conditions. With multi-line policies, you can open up your carrier and coverage options to receive more competitive insurance proposals. This can provide you with better, more accurate options for comparing different insurance quotes to find the best fit for you.
3. Bundling Insurance Policies Can Save You Time
Some benefits of working with an independent insurance agent are personalized consultation, time savings, and convenience. An independent insurance agent takes care of the communication and back-and-forth required for requesting and evaluating insurance proposals specific to your coverage needs. This saves you time and reduces stress.
Bundling policies can help your agent obtain more competitive insurance proposals on your behalf, which saves you time during the process, while also saving you time once you have chosen coverage. With one carrier handling your insurance policies, it becomes that much easier for you to manage and maintain your coverage in one place.
Get the Insurance You Need With Ruhl Insurance
These are just a few potential benefits of bundling your insurance policies. The best approach and the best insurance proposals for you will depend on your situation and the types of insurance you need.
Working with an experienced, reputable insurance agent can help you navigate available insurers and options, go over insurance proposals that are a good fit for you, and help you pick the best insurance quote for what you need.
If you need to obtain new coverage or want to review the coverage you have, contact Ruhl Insurance at 717-665-2283 or 800-537-6880. Together, we can find the best solution for you!
Disclaimer: Information and claims presented in this content are meant for informative, illustrative purposes and should not be considered legally binding.