Bundling home and auto insurance, the practice of choosing a single insurance provider for both your home and vehicle coverage, comes with various advantages. Insurance companies that offer both types of coverage often provide discounts to customers who consolidate their policies under one provider. These bundling discounts may also extend to other insurance types like renters, life, or umbrella insurance.
Commonly referred to as multi-policy or multi-line discounts, bundling discounts range from 5% to 20%, depending on the provider and the specific types of coverage combined. Exploring companies that offer substantial bundling discounts is essential to maximize potential savings.
The primary benefit of bundling is potential cost savings, but it also simplifies the insurance process. Working with a single provider streamlines customer interactions, reducing the number of contacts needed to address concerns. This streamlined approach extends to billing, allowing you to manage one bill instead of two and use a single mobile app for payments and coverage details.
Even if you pay for home insurance through an escrow account, bundling with one company can still yield a discount. In such cases, you would receive a separate bill for the auto insurance portion.
Moreover, some insurers offer the advantage of combining deductibles for both home and auto coverage in the event of a single insurance claim. This means that if a single incident, such as a severe storm, damages both your home's roof and your car, you would only need to cover one deductible, providing additional cost-saving benefits.
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