There are huge advantages to combining your auto and home insurance with a single company. The biggest and most direct benefit is getting a multi-policy discount. However, it goes beyond that, and the advantages can work out nicely in the policyholder’s favor. Let’s look at the numerous variables on why this really works to your advantage.
The combined auto-home or multi-policy discount, as some companies call it, can result in some real savings; in many cases, it can amount to hundreds of dollars per year. The best part of this is that the discount applies to both policies and, depending on the company, often ranges from 10% to 20% off the total price. Let’s say you own three cars and a home. Your auto policy runs $2500 per year and your home policy runs $1000 per year. Let’s further state that the auto discount is 10% and the home discount is 15%. This would result in $250 off the auto insurance and $150 off the home insurance. Combined, that’s $400 savings per year.
Some companies provide the ability for multiple policies to be billed on a single statement each month
Umbrella policies give you upper-tier liability coverage. Many companies require that you have both policies to qualify for these low-cost/high-coverage policies. If you have equity in your home, financial assets, and you make good wages, you would want to secure an umbrella policy in order to protect your assets and future earning power due to a catastrophic auto accident or serious liability incident that may occur in your home. Combing your auto and home is the starting point to qualify for this type of a policy.
With cost savings, a single point of contact, simplify and qualifying for extra coverage, having a single company really goes a long way toward bringing great value to your insurance program. This is why insurance agents often times will recommend a single company and would want to quote your personal insurance with one company. If you do not have your insurance with one company, you would likely do yourself a huge favor by asking your agent to either combine these or consolidate your insurance if you have more than one agent