When you need to insure both your home and your vehicle, a great way to save money is to bundle your coverage with the same company. Home and Auto insurance bundles can yield you a sizable multi-policy discount with many national coverage providers. All of us here at the Alexander Insurance Agency of Saint Charles have spent an abundance of time researching companies based on the discounts they offer, measured up against the number of consumer complaints they receive.
Here are some of the Pros and Cons of bundling them together:
Pros of bundling Home and Auto insurance:
- The Attractive Savings: a multi-policy discount for buying home and auto insurance policies with the same insurance company can save you as much as 14%. This can really add up, as annually you could enjoy up to $466 of savings in your pocket.
- Having Multiple Policies Under One Account: It’s pretty convenient that your home and auto policies are under one account or app. You won’t have numerous logins to remember.
- Just One Deductible to Manage: Some well-known companies like Progressive will apply one deductible to bundled home and auto policies if damage occurs to both during a single event. If a storm knocks a tree down, having a single deductible will require payment for only one occurrence instead of two.
Cons of Bundling Home and Auto Insurance:
- A Few Rungs Under the Best: occasionally, you may find it cheaper to buy home and auto coverage separately. We research multiple providers to help you make this decision.
- Double-Check the Convenience Factor: if your car insurance company is partnered up with a different home insurance company to offer this bundle, you may not notice the benefits of having a single account.
- Not Necessarily Being the Best Fit: if you are after certain coverage types that may not be available with a company that bundles home and auto insurance, it may be the most sensible idea to stick with a company that is offering you the specific things that cater to your needs. One example is that not all home insurance companies will offer extended replacement cost if your rebuilding note is higher than the original listed amount you recorded while obtaining the policy.
What to Look for When Choosing your Home and Auto Insurance Company:
Our team will help you explore coverage options and help tailor your insurance to suit your lifestyle. As part of our process, we look for ways to save you money on insurance, while still balancing your needs. You already know that you can sometimes get a pretty substantial discount for bundling your home and auto coverage. Did you know that your deductible choice also has a large effect on your home and auto insurance costs? For example, if you opt for a higher deductible, your policy price will be cheaper, but the insurer will ultimately pay out less for the claim. As we previously mentioned, many providers will also offer a single deductible when you bundle home and auto. Your specific driving style or property type may mean that bundling isn’t the best possible option, but it is always a great idea to explore your possibilities.
Additional Tips to Save Money on Bundled Home and Auto Insurance:
We want you to save your money for the good things in life. Check out some of our additional recommendations to save money on your bundled insurance below. Be sure to contact us today if you have any questions, our team is happy to help!
- Advance Quote Discounts: if you buy your new policy before your current one expires, some companies will give you a discount.
- Anti-Theft Devices Discounts: if your car has anti-theft features, you may save on your car insurance costs. And for your house, sophisticated deadbolts and a burglar alarm can merit discounts as well.
- Claims-Free Discount: Both home and auto insurance will give substantial discounts if you can remain claim-free for an extended amount of time.
- Multi-Home Discount: if you choose to insure more than one property with the same insurance company, you can receive substantial discounts.
- New Car Discount: you may also qualify for substantial savings if your car is less than three years old.
- Pay in Full Discount: paying your entire year in full upfront can qualify you for a discount for either type of policy. If this is something you are able to do, it can benefit you greatly.
Safety Features Discount: Safety features such as anti-lock brakes and airbags can save you money on your policy as well. For your home, add-ons such as smoke detectors, fire extinguishers, and fire alarms can save money on your premiums.