What is Multiline Insurance?

Posted by Matt Simon on Aug 7, 2018

You’ve probably heard of bundling your insurance policies in order to save money. Multiline insurance is a similar policy option that you can take advantage of to try and consolidate the number of bills you receive.

We know the topic of insurance can be dry and difficult to understand, but being aware of your options is the best way to save money on your insurance policies whether you’re looking for commercial or personal lines.

What is multiline insurance? This is where similar types of exposures and risks are brought into one policy. Insurance agencies can provide coverage for many different risks, but it’s typically easier to manage one policy instead of an entire portfolio. Multiline insurance can work for both families and businesses based on the risks they face.

In the personal insurance world, multiline insurance can include a variety of risks that a family is facing. These risks can fall under all kinds of policies like home, auto, life, and more. Many insurance carriers who offer multiline coverage offer it as a discount offer for their customers. By bringing all of your policies under one agency or carrier, they cut the cost down on your policy.

An insurance carrier’s goal is to get more of your business, and this isn’t necessarily a bad thing! It’s actually more of a win-win. Insurance companies value loyalty, so they’re willing to offer price breaks for those who have more policies with them. For families or individuals who are more concerned about cost when they’re shopping for insurance, multiline insurance can be an excellent option.

For commercial lines, multiline insurance is best for businesses who face risks both internally and externally. Loss of property, loss of life, and physical or intellectual property theft are a few examples of risks that could compile a portfolio that might be better served as a multiline insurance policy. Just like with personal lines, insurance companies are keen on having businesses have more than one policy with them, so they’ll offer discounts on the total bill.

Make Your Insurance Policies More Efficient With Multiline Insurance

If you’re wondering what multiline insurance is, the key thing for your family or business to know is that it’s going to save you money in the long run. But it’s not the only advantage you can receive.

Insurance is complicated enough. With multiline insurance, you’re able to manage all of your policies in one place. Whether it’s home and auto or property theft and liability, bringing your coverage together makes it easier to understand (and see) where your money is going in one bill.

With the risks involved with all the coverage you need, you’ll also be able to receive coverage that better fits what you require. While cost is a significant concern with insurance policies, making sure you have the coverage when you actually need it should be the end goal. Whether it’s your family or your business, when a disaster happens, you need the right insurance to make sure you don’t go under financially. When situations like these do happen, (and you can’t trust that they never will), you don’t want to regret opting for a cheaper, less extensive policy that doesn’t cover your specific risks.

Multiline insurance fits into this scenario by making it easier for your insurance agent to understand what you need. Your family is going to have different risks than one down the street, and the same goes for your business. Your insurance agent is going to know everything about the risks you’re up against with the policy they put together for you, and with multiline insurance, they’ll have even more information to create stronger coverage.

At the end of the day, making sure your business or family is safe is the top priority, no matter what the cost. Multiline insurance makes multiple policies easier to afford and manage and ensures that you get the right coverage, so the biggest disaster doesn’t get worse.

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