When you need several different types of personal insurance, you might consider whether you should bundle some of them together. Home insurance and auto insurance are two of the most common types of insurance to bundle together, as they are two insurance types that most people need. If this is something that you’re thinking about, it’s important to think about the benefits and any potential drawbacks of getting your home and auto insurance from the same provider.
LSI Insurance can help you with both your home and auto insurance. This guide will help you to decide whether bundling your home and auto insurance is worth it.
How Home and Auto Insurance Protect You
Home insurance and auto insurance are both vital types of insurance to have. They protect you from the high costs of repairs and other expenses that could come out of your home or vehicle. Home insurance can cover home repairs or costs resulting from a break-in, and could even protect you if someone were to have an accident on your property. Auto insurance can cover theft, damage, and any expenses that could result from getting into an accident.
When you take out home insurance, it could cover the cost of repairing some expensive damage. Compared to paying out of pocket for repairs, monthly insurance premiums and a deductible are usually a lot more affordable. Your insurance will cover you soon after you take it out, even if you’ve only paid one month’s premium so far.
The same can be said about auto insurance. Getting in an accident on the road can be extremely expensive, especially if you’re found at fault and have to pay for the other party’s expenses.
As these two types of insurance are so important, it makes sense to consider getting them from the same provider. You could save time and money if you bundle your insurance instead of using two different insurance providers.
What Is Bundling?
Bundling different types of insurance together means getting your insurance from the same provider. Many insurance providers offer a variety of insurance types, making it possible to choose the same provider for several types of insurance. If you need both home and auto insurance, you can get them from one provider instead of two different providers. Choosing to do this can make it easier to manage your plans and can save you money too.
The Advantages of Bundling Home and Auto Insurance
When you choose to bundle your home insurance and auto insurance, you could benefit in a number of ways. Here are some of the advantages that you could secure if you decide to get your home and auto insurance from the same provider.
Save money
For many people, being able to save money is the primary benefit of choosing to bundle home and auto insurance. You can save on your premiums when you use the same provider for both types of insurance. It’s possible to save more money doing this than any other method available for cutting costs on your insurance. Bundling your insurance often means that you have just one deductible, which can be lower than if you had two separate insurance providers. This saves you even more money because your insurance can kick in sooner if you need to make a claim.
Manage your insurance more easily
Bundling your home and auto insurance also makes it easier to manage your insurance policies. You only have to deal with one company, and you make it simpler to pay your premiums too. It will be easier to keep track of your account, which will save you time. Many insurance providers have mobile or web apps, and it can make a lot more sense to have just one app that you can use to manage everything.
Have one trusted insurer
When you have just one insurance provider, you can take the time to get to know how they operate. Once you’ve found an insurer that you can trust, they will show you the ins and outs of your insurance cover, how to file a claim, and more. You won’t have to remember the intricacies of several different insurance providers and their policies.
Greater leverage
Using the same insurance provider for multiple purposes could benefit you through your customer loyalty. When you protect multiple assets with the same provider, they may value you more as a customer. This could mean that they give you lower rates, helping you to keep saving money.
Are There Any Downsides to Bundling Home and Auto Insurance?
Before deciding whether to bundle your home and auto insurance together, you should consider whether there are any potential disadvantages.
One thing to keep in mind is that it’s important not to focus only on price. While saving money is definitely beneficial to you, the cost of your insurance policy isn’t the only thing to be concerned about. Make sure that when you’re looking for the right insurance provider for your home and auto insurance, you look at other aspects of their policies.
You don’t just want the cheapest provider out there if they can’t offer you good coverage and excellent customer service. Bundling your insurance policies could mean that you’re more limited when it comes to choice and customization. One insurance provider might offer exactly what you want from your home insurance, while another gives you what you’re looking for from your auto insurance.
Even if you do want the lowest price, you should compare costs to find the best deal. Using multiple insurance providers could sometimes be the cheaper option, but you also need to weigh the lower cost against the hassle of dealing with more than one insurance provider.
While customer loyalty could give you some leverage, it might also be a disadvantage. Sticking with the same insurance provider can mean that they have less incentive to offer you a better deal. It’s a good idea to regularly consider switching to a different provider to see if there might be a better deal out there.
Another thing to keep in mind is that some insurance providers might “bundle” your insurance by using an affiliated company. If this isn’t something that you want, be sure to check before taking out the policy.
There could be some potential downsides to bundling your insurance, but that doesn’t mean it’s the wrong choice for everyone. It could work out well for you if everything lines up, which is why it’s important to have a good insurance agency on your side. They can help you to find the best prices and policies so that you don’t have to do all of the work.
Things That May Influence Price
There are a few things that could make a difference as to whether bundling your home and auto insurance is a good idea for you. The value of your home could make a difference in price. The more your home is worth, the larger a discount you may be able to get by bundling your homeowners and auto insurance together. On the other hand, more expensive vehicles can make the cost of your bundled insurance higher due to the higher cost of repairs. Where you live can make a difference too. If you live somewhere that is prone to flooding or natural disasters, you won’t be able to save as much by bundling your home insurance with your auto insurance.
Getting the Best Deal on Your Home and Auto Insurance
Bundling your home and auto insurance can save you time and money, but you should still take some steps to ensure you get the best insurance for both your home and vehicle. They are two of the biggest investments that you can make, so you need the right insurance cover to help you look after them. Here are some of the best tips from LSI Insurance on how to get the best deal on your home and auto insurance.
Do your research
Whenever you’re looking for a new financial product, researching your options is a must. It will help you to make sure that you understand the product that you are looking for and what requirements you should have. It might seem easier to pick the first insurance provider that you find, but you can save yourself a lot of money and time if you do a little more research. Cheap insurance can help you save money, but it’s also important to have an insurance provider that offers good customer service and will handle your claims quickly.
Get quotes
Collecting quotes from different auto and homeowners insurance companies will help you to compare prices. It will give you the key information that you need to work out which options are least expensive, including whether you should bundle your insurance together with one provider. When you get in touch with LSI Insurance, we can quickly give you a homeowner’s and auto insurance quote, so you know exactly what you will be expected to pay.
Compare like for like
Remember when you’re comparing auto and home insurance rates that you should compare like for like. Look at policies that provide similar levels of coverage when you compare quotes so that you’re clear about which one offers the better deal. If a cheaper policy gives you lesser coverage, it’s not exactly a better deal. Think about the levels of coverage that you need to protect your home and vehicle before you choose the cheapest option that you can possibly get. Saving money now might seem wise, but you could regret it if you later need to make a claim and your insurance coverage doesn’t stretch far enough.
Use an agent
One of the best ways to find the right home and auto insurance is through an insurance agent like LSI Insurance. Agents can compare different insurance providers to find the best deal for your circumstances. You can make sure that you’re getting the best price out there for the amount of coverage that you need.
Agents are also a good choice if you have any particular difficulties or special requirements that might make it hard for you to find the right policy and provider. If you are high risk or hard to place in any way, working with an agency such as LSI Insurance can make it easier to get the insurance coverage that you need.
How LSI Insurance Can Help
LSI Insurance Agency is based in Eastpointe, Michigan, and offers a range of different types of personal insurance. When you’re looking for homeowners insurance companies and auto insurance, we can help you with your requirements. LSI Insurance has access to dozens of insurance companies through our affiliation with the national organization, Strategic Independent Agency Alliance (SIAA). We can help to find the right insurance policies for even the most difficult to place customers who are high risk and struggling to find the right provider.
Whether you want to bundle your home and auto insurance with one provider or you’re looking for separate providers for each policy, we can help. We are dedicated to helping you find the right insurance provider and the best policy to meet your needs. By collecting quotes and comparing prices, we will ensure you get the best deal on your insurance, whether that’s by bundling your policies or by finding separate providers.
In addition to helping with homeowners insurance and auto insurance, LSI Insurance Agency can assist with other types of personal insurance and business insurance too. We can help with all forms of life insurance, as well as Medicare supplements and Medicare Advantage. For those looking for business insurance, we specialize in churches, bars and restaurants, auto service, and cannabis-related businesses. When you need either personal or business insurance, get in touch with us, and we can find the best provider and policy for you.
If you’re considering bundling your home and auto insurance, contact us at LSI Insurance. We will make sure you explore all of your options before deciding if bundling is worth it!