Maximize Your Savings by Bundling Insurance Policies

Are you looking for ways to save on your home and auto insurance? Bundling insurance policies might be the solution you need. By purchasing multiple types of insurance from the same company, you can often secure significant discounts. At O1ne Mortgage, we are committed to helping you find the best deals on your insurance needs. Call us at 213-732-3074 for personalized assistance.

What Insurance Policies Can You Bundle?

Bundling insurance policies is a common practice that can lead to substantial savings. Here are some of the types of insurance you can typically bundle:

• Homeowners insurance and auto insurance
• Renters insurance and auto insurance
• Condo insurance and auto insurance
• Auto insurance and motorcycle, boat, mobile home, or RV insurance
• Auto, home, and life insurance
• Auto insurance and umbrella insurance
• Auto insurance and small business insurance

While less common, some companies even allow you to bundle pet insurance. For example, Lemonade offers discounts when you purchase any two policies, including auto, homeowners, renters, life, and pet insurance.

However, your options are limited by what the insurer sells. For instance, you can’t bundle medical or dental insurance with auto or home insurance because health insurers generally don’t offer these types of coverage.

How to Bundle Insurance

Ready to see if bundling insurance could save you money? Follow these steps:

Start with Your Current Insurance Providers

Contact the companies that currently handle your home and auto insurance to see if they offer bundles and get quotes. Also, ask about any other discounts you might qualify for.

Get Quotes from Other Insurance Companies

Check prices for both individual insurance policies and bundled policies, ensuring you compare the same type and amount of coverage. You can get quotes by visiting insurance company websites or contacting an insurance agent or broker. Save time by using comparison tools to efficiently gather quotes from multiple providers in one place.

Compare Quotes and Coverage

Price isn’t the only factor in choosing an insurance provider. In addition to potential savings, evaluate the coverage each insurer provides, as well as their reputation for customer service.

Consider Any Special Insurance Needs

Even if it saves money, bundling isn’t for everyone. For instance, if you have lots of speeding tickets or a DUI on your record, you might be better off with a car insurance company that specializes in high-risk drivers than one that offers bundling.

Apply for Insurance

After making your selection, you’ll need to fill out an application for insurance and pay your premiums.

Cancel Your Previous Coverage

Once your bundled coverage takes effect, cancel your old insurance. Find out how any refund of your premiums will be issued.

Which Insurance Companies Allow You to Bundle?

Many major insurance companies offer bundling options, including:

• AAA
• Allstate
• American Family Insurance
• Farmers
• Geico
• Progressive
• Liberty Mutual
• Nationwide
• State Farm
• Travelers
• USAA

Does Bundling Insurance Save Money?

Bundling insurance can save you a lot of money. Consider these examples:

• Home and auto: Allstate estimates you can save up to 25% by bundling home and auto policies.
• Home, auto, and life: AAA says you can save up to 19.4% on car insurance and up to 20% on home insurance when you bundle these three policies. (Industry regulations prohibit discounting bundled life insurance.)
• Renters and auto: State Farm says customers can save as much as $704 when they bundle renters and car insurance.

Your savings from bundling can vary depending on a range of factors, including your coverage amounts, risk levels, and location. For example, insurance customers in California typically won’t see that 25% discount; on average, California residents save just 2% from bundling home and auto coverage, according to Allstate.

The Bottom Line

Bundling is just one way to save money on insurance. You can also reduce your premiums by raising your deductibles, exploring available discounts for auto and homeowners insurance, and regularly shopping around. Having good credit could help you save on insurance too. Insurance companies in most states can check your credit-based insurance score when you apply for insurance. Higher scores typically translate to lower premiums.

At O1ne Mortgage, we are dedicated to helping you find the best insurance deals. Call us at 213-732-3074 for any mortgage service needs, and let us assist you in maximizing your savings through smart insurance bundling.