The Best Way to Bundle Home and Auto Insurance

When it comes to finding ways to save money on insurance, the simple fact is this: bundling a home and auto policy could potentially save a tremendous amount of money in the long run.

Typically, finding the best deals on insurance takes time, but many people find it worth the trouble in the end. They also tend to encounter similar difficulties when shopping around for the best auto insurance.

It's certainly possible to save money and enjoy the peace of mind that comes with more comprehensive coverage, but it takes a lot of effort to research each company and insurance policy one-by-one.

How much should homeowner's insurance cost? What's a fair price for the standard auto liability coverage that states require by law? Are insurance bundles the better choice?

Reliably answering these three questions alone takes time. Without a doubt, there's no shortage of contradictory, vague information on the internet about the best providers.

When trying to stitch together two or three different insurances, it's easy to get overwhelmed by the whole process. That's why many consumers decide to bundle home and auto insurance together in one easy-to-manage policy.

Still, not every policy works the same way, offering comparable coverage in home and auto packages. Often, it comes down to consumers carefully reading the fine print and speaking with a trustworthy, reliable insurance agent that can show them how it all works in their favor.

This article goes over the best way to bundle home and auto insurance to rest easy for consumers who don't have much time to shop around the internet for insurance bundles.

Why do consumers choose to bundle home and auto insurance?

There are several reasons why consumers like bundling insurance. Mainly, it boils down to the policy's price, but the convenience of managing both coverages in one place also matters to consumers.

Sometimes, consumers have no choice but to choose an insurance bundle because they own a home that the insurer considers high-risk. Homes that lie in flood plains are great examples of high-risk properties. At the end of the day, the bottom line is this: high-risk properties cost more to insure.

Even if consumers find a good deal on high-risk homeowner's insurance, there's no guarantee that the policy's benefits and exclusions will work in the policy holder's favor.

The average homeowner's situation is really no different from insuring a sports car or a work vehicle. The more risk the insurance company agrees to cover, the more expensive the insurance will be to keep.

Furthermore, the specific benefits of choosing to bundle home and auto insurance are worth a closer look.

What are the specific benefits of bundling insurance?

The main benefit is that insurance companies can give better rates than carrying each policy individually. It's possible but not advisable to try to manage insurances through multiple companies; however, even filing a simple claim could cause unforeseen problems down the road.

One example is damage to a home due to bad weather that also inflicts carnage on a vehicle located on the property. Indeed, the same triggering event caused the damage, so does an insurance policy automatically cover both? The answer is no, not unless the homeowner's insurance specifies so!

A bundled policy would most likely cover all damages in this scenario, even if the property is risky to insure from the company's perspective.

Carrying two policies in one package could reduce the likelihood that filing repeated claims will raise the policy holder's premium and deductible expenses. The insurance company may also be more reluctant to drop a policyholder if they pay for a bundled insurance package.

Also, the simplicity of paying one annual premium and one standard deductible makes bundling attractive to price-conscious consumers. When consumers need to file a claim, the process goes much faster and smoother if they bundle their coverage.

But the most under-appreciated benefit of bundling coverage is that insurance carriers can offer a wide variety of packages. For instance, one policy could cover recreational vehicles and vacation properties in addition to a consumer's home and automobile.

These benefits are the most noteworthy, yet for many consumers, price is the bottom line. So how much does bundling insurance actually save in the real world?

How much does combining home and auto insurance cost on average?

There are dozens of insurance options available online. The trick is deciding which ones are the best values and which won't suffice in the aftermath of an incident.

The average savings on home and auto insurance coverage ranges from 10 percent to as high as 30 percent. The determining factor is the level of benefits that the policy specifies.

Although the same general rules of insurance pricing still apply. High-quality policies tend to come with higher premiums but feature low deductibles. The less expensive coverage feature low premiums but significant deductibles after filing a claim.

Are there any downsides to bundling insurances?

There aren't many downsides to bundling policies, so consumers need to understand that insurance companies fiercely compete with one another. That only helps the consumer as retaining loyal customers matters a lot to insurance carriers.

One common, minor nuisance is when companies offer bundle discounts, but the coverage goes through an affiliate of some sort, thus negating the benefit of a single filing a claim.

Know where to shop and compare rates on home and auto insurance bundles

Reliable pricing is hard to come by online without a comprehensive platform to shop and compare rates from multiple insurance carriers at the same time.

That's why QuoteLab.com developed a way to find quotes side-by-side to make shopping more comfortable and more efficient. It's a new online life insurance marketplace where consumers can obtain pricing information from several insurance providers side-by-side for reliable price comparison.

It also includes all of the most critical information consumers require to make a sound decision on an insurance bundle.

Click here to compare packages and bundle home and auto insurance!