Why You Should Consider Combining Insurance Policies

Posted by Matt Simon on Jul 30, 2018

Cost is always one of the biggest things that people are worried about when they’re looking to add additional policies. It can also be the reason that people avoid adding coverage that they might otherwise need because they don’t want to add another bill. However, combining insurance policies could be a helpful strategy to cut down on the cost of insurance and make it easier to find the right policy.

Most insurance companies don’t just sell one type of insurance. In fact, if you work with an independent insurance agent, there are plenty of options already at your disposal. One agency could have the ability to provide you with home, life, auto, and more depending on the coverage you need.

There’s a number of reasons why people consider combining insurance policies. Newlyweds or roommates can find it easier to combine their policies, like home or renters insurance, because they’re living under one roof. In this situation, it usually makes more sense financially to have one policy rather than two. For families and businesses, combining different policies is another way that you can make obtaining and managing insurance a little easier.

So, what’s the benefit for your family or business? You save money! It’s also a matter of convenience. Combining insurance policies means that you’ll have one total bill for all of the coverage that you have, just like how you can combine your TV and internet bills. The difference that comes with your insurance policies is you can work with one agent who is going to fully understand all the risks that you’re managing as a family or a business.

Get a Tailored Experience When You Combine Insurance Policies

While cost is still an important factor of insurance policies, what interested individuals should be focused on is the amount of risk they have. Cost matters, but ensuring that your family or business is fully protected should come first.

What types of insurance can you combine? For most insurance companies, you can combine home or renters, auto, and life together whether it’s all three or just two. These are the most common policies that people tend to bring together. You can also combine specialty insurance for motorcycles, boats, and other types of “toys” that people have.

You’ll want to work on finding the best option for the most detailed policy first, and then let your additional policies fall in line. Homeowners and life insurance tend to be the most complicated policies, so start looking into these first and then determine what you want to do with the policy you want to combine.

Of course, there’s always a catch. Big insurance companies are always keen on having people bundle insurance with them because they know that customer will then be less likely to switch in the future. This is why it’s important to pay attention and shop around, but this of course takes time. One of the major benefits of working with an independent insurance agency is that they have access to a wide variety of insurance carriers. Going to directly to one of the major players in the space might seem like the easy way out, you could be missing out on better coverage.

That’s why it’s such a smart move to have one agent for all of your policies. An independent insurance agent already has the knowledge of different policies and can save your family or business a ton of time researching the right options. For example, if you wanted to put your home and auto policies under one roof, your agent will be able to evaluate the risks that you have for both, respectively, and make a stronger recommendation that will ensure you have the best combined coverage.

One agent streamlines the process of finding a policy that works for you. Besides cost, no one wants to exhaust time researching insurance. It’s no secret that insurance policies are difficult to understand. That’s why having one agent who is passionate about the industry makes it simple. Getting to know a new agent, evaluating your risks, and identifying coverage options takes time, but if you move all your policies to one agency the process could be as easy as making a phone call.

No matter what the cost of your policies is, what matters most is that you have the coverage you need when disaster strikes. Saving money on a limited policy might seem like the better option now, but when you’re staring down thousands of dollars in bills you’ll wish you’d thought differently. This is where combining insurance policies can be of benefit. Instead of going for the cheaper policy, work with one agent to find a bundle that is going to work best for what your risks are. You’ll be able to save money on the cost of two policies while still covering your family or business.

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