Consumers often prioritize price when deciding on home and auto insurance. Let’s explore a common practice that can be utilized to streamline coverage and how it can help save money.

What is bundling and what are the benefits?

‘Bundling’ in personal lines insurance refers to combining multiple insurance policies from the same insurer. For example, you might bundle your auto insurance and homeowners’ insurance with one company. Did you know that bundling can offer you both the best pricing and open more company options, which means access to the most competitive pricing?

Bundling can often lead to cost savings and streamline your insurance management. Many insurers offer discounts for bundling different policies, making it a convenient way to protect your assets while potentially saving money.

Additional benefits of bundling include:

1. Convenience: Managing all policies with one insurer simplifies paperwork, payments, and communication. You have a single point of contact for any questions or claims.
2. Enhanced Coverage: Bundling allows the consumer to customize coverage across policies. For example, combining auto and homeowners’ insurance might provide better protection for both your car and home.
3. Loyalty Rewards: Some insurers offer loyalty rewards or additional perks for long-term customers who bundle their policies.

Why is now the best time to bundle?

Personal lines insurance is facing many challenges in today’s dynamic landscape. Here are a couple of contributing factors to rising premiums and fluctuating rates:

• Climate related risks such as catastrophic storms and floods pose a risk to properties and automobiles. The change in weather patterns has increased claim activity, which then correlates to an increase in rates for consumers. These higher premiums may be experienced both when purchasing new policies and at renewal. The consumers’ first reaction may be to lower coverages to lower premiums but removing coverages may result in extreme financial hardships.
• Insurance companies are responding to these weather events. The increase in claims activity has also prompted insurance companies to look more closely at the age of properties and critical home systems, such as electrical system and roofs. For consumers considering shopping insurance, it’s again important to work with a knowledgeable agent to ensure your coverage is eligible based on updated guidelines. If you are shopping for insurance for your new home, plan so your agent has time to shop and obtain competitive rates.

When making decisions, working with an agent can provide valuable information that can help guide you towards an informed decision. At Anywhere Insurance, we’re passionate about helping you explore the benefits of bundling credits and having robust coverage limits. Click here for an appointment to start your process of getting a quote today!

This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. The material is not intended to be relied upon as a statement of the law, and is not to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice. Not for reproduction.