Bundle Your Home And Auto Insurance

Need to insure both your home and vehicle? A convenient way to save on both your home and auto insurance policies is to buy both from the same company, a strategy known as “bundling.”

What is bundling?

Bundling isn’t complicated. It simply means buying two or more insurance policies — such as your homeowners and car insurance — through the same insurance company. Savings come in the form of a discount, usually applied to both policies, under the label “multi-policy discount” on your policy declarations page.

Bundling has other advantages besides cheaper insurance:

• You deal with only one insurance company.
• You may be able to manage your policies online at the same place or through the same agent.
• It’s easier to identify gaps in your coverage.
• Depending on the company, you may be able to align the renewal periods and effective dates of both policies or combine your billing statements.
• There may be other perks as well, depending on the company and state you live in.

For example, some insurance companies offer some customers who bundle a single-loss deductible. That means, if your car is damaged in the same even that damages your home, such as a fire, your auto deductible is waived after your homeowners deductible has been paid.

How much can bundling save you?

The discount given for bundling policies varies drastically by the insurance company.

Savings from bundling auto and home insurance policies with a single insurance company Can range 8 to 10 percent nationwide for car insurance. Many insurance companies throw in a discount for the other insurance policy you’re bundling with your auto policy. On average nationwide, the homeowners insurance discount savings by bundling with auto can be 15 to 20 percent.

You can bundle more than home and auto. Multi-policy discounts can also apply to other types of insurance policies that you buy from the same insurance company. Depending upon the insurer, you may also be able to bundle these types of insurance policies:

• Auto
• Homeowners
• Renters
• Motorcycle
• RV
• Life

Many auto insurance companies do not write homeowners insurance, but some may align themselves with a home insurer to offer a discount. Ask your agent or customer service representative.