The Advantages of Bundling Insurance Policies

It feels like every facet of our lives needs insurance! From our lives as a whole ( life insurance ) to our vehicles , homes , belongings , boats , and beyond, there are so many products on today’s market that can help protect you, your family, and what you care about. 

But is better to find separate companies or agents for each insurance that you need? Or is it OK to bundle them all together? 

What is bundling insurance, and why might it help you? Let’s explore this topic!

While it is sometimes called “consolidation,” bundling simply means just that: To bring together your various insurance policies under the same “umbrella.” This means having them all under the same agency or the same overarching company.

In today’s economy, as prices for nearly any type of insurance are on the rise , understanding the concept of bundling can help to save on your bottom line, provide you with more comprehensive coverage, and overall benefit you in a number of ways, such as ease of use and simplification of contacts.

Insurance policy consolidation (or “bundling”) means bringing those policies under the same company or agency. For example, if you have Life Insurance with Company A and Auto Insurance with Company B and a homeowners’ policy with Company C, bundling would be bringing all three policies, life, auto, and home, under just one company, where all policies would be covered by the same organization.

Well beyond the potential savings on premiums, which we will explore next, the idea of bundling your policies can help you in a few ways. 

• First, it eases the burden of contact. You would no longer need an office number for your auto, another for your life policy, and a third for your home. Instead, it would be simpler to have all policies with a single phone number, name, email, etc. that you have to save. You’ll always know who to reach in the event of any insurance problem.  
• Second, because these bundling opportunities often can save on the overall monthly premiums, you can afford more coverage at better rates. This means you may be able to add features you’ve lacked in the past (for example, rental car coverage in the event of your car being damaged in an accident, or accommodation coverage if major repairs to your home require you to live elsewhere). Some added benefits you may have previously thought out-of-reach or too expensive may become realistic because you bundled your policies.

One of the most common reasons for bundling is, of course, that it saves you money. Many companies offer discounts on policies based on the number of insurances you have with them. For a hypothetical example, a company may say if you have one policy with us, you pay a full rate. But if you have two policies, you save five percent on each policy. If you have three policies with them, they offer 10 percent off of each, and so on. This means that the more you bundle, in many cases, the more you can save. 

These reductions to monthly rates can really add up! While a few percent doesn’t sound like much on its own, it is certainly a savings. And, once you have a few under the same organization, they really can make a financially noticeable impact on your budget.

Overall, bundling not only saves you financially, but saves you in other ways:

• Less stress managing multiple policies in multiple spaces
• Fewer bills, meaning less chance of being “late” on any payments
• Streamlined service to ease the hassle for you
• Reduced number of contacts required to maintain your policies

The first step to consolidating your policies is simple: Begin with finding an agent or agency that you can trust. Finding a person you enjoy working with, who is familiar with your community, and has the time and patience to understand all aspects of your needs is immensely helpful. Those who take the time to hear your full story, review all potential policy needs, and ensure your worries are accounted for in each policy will go the extra mile to be sure you are not only well covered but also paying the best rates possible.

Once you’ve found an agency or agent you can trust, it is ideal to start with an overall evaluation. Here, you can show them the policies and rates you currently have. You can review your needs, and discuss the benefits of bundling services. 

The best way to consolidate is often to find an independent sales office, such as mine. As I am not tied to a particular company, I am able to review policies from all over to find you not only the best savings per month but the best coverage for all aspects of your needs. 

For more information on getting your savings started, visit my website at https://www.rehmins.com/ . There you can schedule a consultation, where we can discuss your unique needs, or you can simply request a no-obligation quote.