Wine and cheese. Peanut butter and jam. Cookies and milk. There is no doubt that some things are just meant to be together. In fact, they are better together. The same is true of your home and auto insurance.
Bundling or combining your home and auto insurance policies with one insurance company provides numerous benefits. Not only can you save on your premium, but it also makes your insurance more straight-forward and ultimately provides additional coverage that keeps you, your home and your vehicle safe.
A bundled home and auto insurance package is when you purchase your home insurance and auto insurance with the same insurance company. It could cost you more if you purchase separate policies—especially if you buy these policies from two different insurance companies.
When you purchase one insurance policy that covers both your home and your vehicle together, your insurance company can give you a multi-line discount. This discount is referred to as “bundling.” Home and auto are a common set of insurance policies to combine, but you can combine others as well. Usually, the more you bundle, the better coverage you’ll have from that insurance company.
There are a few reasons why you should bundle home and auto insurance: savings, convenience, having a single deductible and the option to add extra liability coverage. In Ontario, if you drive a car you're required by law to have insurance. Likewise, if you pay a mortgage, lenders typically require you to have home insurance. Besides, why wouldn't you want to protect your greatest assets with a comprehensive insurance policy?
Insurance is necessary to protect what you care about. But wouldn't it be nice to save on your insurance costs by bundling? If you choose to benefit from a multi-product discount, you have more savings to invest in other parts of your life. Perhaps you could finally buy that boat you've been eyeing, or invest in a lake-side cottage.
Although savings are a benefit of bundling, convenience is an advantage as well. If you need to make updates to your policy like changing your address or adding a new driver, dealing with one insurance provider will save you time and will help make your life a little more stress-free.
Another advantage of bundling home and auto insurance is that you will only pay a single deductible if you ever make a claim involving your home and vehicle at the same time. For example, if a major storm sweeps through Ontario or your home is flooded, damaging both your property and vehicle, you may only have to meet one deductible before it pays out. Contrarily, if you are with two different insurance companies, you’ll have to pay two different deductibles. This can be incredibly stressful, especially while trying to return to normal life after a devastating incident.
Lastly, one of the greatest benefits of bundling home and auto insurance is the option to add extra liability coverage. You can learn more about how bundling can better protect you and your property below.
Some additional coverage options that you can add onto your home and auto insurance policy include loss of use protection, accident forgiveness protection, water damage protection, and identity theft protection.
At Morison Insurance, our brokers offer unique home and automobile bundle policy packages. You can tailor your policy to include additional coverages to ensure that your home and vehicle are properly protected.
In terms of your auto insurance, this type of protection will provide you with the coverage you need to obtain a rental car in the event your car is being repaired after an accident. Having loss-of-use coverage will ensure you get a rental car, whether the accident was caused by you or someone else. This endorsement to your policy would help minimize issues in the event of a collision. You will still have the convenience of getting from point A to point B, unaffected, just as you would on any other day.
This type of coverage is very easy to add to your automobile insurance policy. It’s also inexpensive. In your annual premium, to add loss-of-use protection, you would pay about the price of what it costs to rent a car for one day. In our experience (and we’re sure yours too), repairs can be much lengthier than one day.
Accident Forgiveness Protection
Did you know that one at-fault accident can cause your automobile insurance rates to increase by hundreds of dollars? Our insurance brokers will strive to find you a policy that understands accidents can happen to anyone—even the most experienced driver. A policy with accident forgiveness protection would prevent your automobile insurance premiums from increasing in the event of your first at-fault accident. It would be like the first accident never happened, and the driving record on your existing policy would not be affected. Accident forgiveness protection is worth the peace of mind of knowing that your car insurance premiums will remain where they are.
Did you know that 40% of damages to the home are caused by water? Every day homes across Ontario suffer water damage, and the risk of it happening at your home is no exception. With the recent changes in weather patterns and climate, severe weather events are becoming more frequent and causing more damage. Extreme storms that used to happen every 40 or 50 years in Canada now occur in some areas or regions every 5 or 6 years. Changing weather patterns are forcing the insurance industry to adjust policies to address these new risks. This is especially true in terms of coverage for water damage to your home.
Personal identity theft is one of the fastest growing crimes in Canada. More than 35,000 Canadians are victims of identity theft every year. If you make purchases or payments online, you could be at risk. It takes a criminal a shockingly short amount of time to steal your identity. Personal identity theft coverage is affordable, with an average monthly premium being under $5 a month. This coverage can be added to your current property policy by endorsement. It protects you from the cost associated with repairing your financial history or resolving problems resulting from identity theft, including legal representation, loss of wages, loan re-application fees and replacement of stolen identification. Identity theft protection covers not only you, but also others living in your home.
This is rare, however, there is a company that we represent at Morison Insurance that does automatically offer an additional $1,000,000 in Excess Liability when you bundle your home and auto insurance with their company. Ask your Morison Insurance broker about this option.
Most companies will allow you to purchase an Umbrella Policy if you have your insurance bundled with them. An Umbrella Insurance policy provides additional liability coverage beyond the limits that are included in your existing home and automobile policies.
Be sure to speak with a Morison Insurance broker to ensure that you are properly protected and have the right amount of liability coverage.
Home and auto insurance are the most common policies to bundle together. However, they are not the only insurance bundles available to you. Depending on the insurance company, you may be able to also bundle recreational vehicles such as an ATV, RV, snowmobile or even your boat insurance.
If you're a renter, you should also talk to one of our friendly insurance brokers to see if you could bundle your tenant's insurance or renter's insurance with your automobile insurance. The more you bundle, the better coverage our brokers can help you receive.
Anyone with a property and an automobile would benefit from a bundled home and auto insurance package. Not only can you save, but bundled insurance can also make your policy more simple by having everything in one place. In short, you save time. With more time on your hands, you can focus on doing more of what makes you happy—instead of the stress of dealing with multiple insurance companies.
How much you can save by bundling your home insurance and auto insurance usually depends on the provider. There are a few factors that go into consideration while determining costs, such as policy limits, coverage type, add-ons and claim history.
If you have a claim open for your home and a separate claim opened for your car simultaneously—but your home and auto insurance is bundled—you don't have to worry about paying separate deductibles when claiming for both your home and auto. This saves you the stress of having to pay two deductibles in the event of filing two claims.
If you're currently insured by two separate companies for your home and auto coverage but receive a fair price and excellent coverage, it's possible that bundled insurance isn't beneficial for you. For instance, if you want to switch your car over to the same insurance company as your home but in doing so would be losing certain extra coverages you’re currently benefiting from, you might want to consider keeping your home and auto insurance separate. At Morison Insurance, we’ll help you weigh your options and determine whether bundling will improve your coverage or if it’s a better choice to stay with the level of coverage you’re receiving.
If you've chatted with one of our helpful brokers and realized bundling home and auto insurance doesn't make sense for you, there are still plenty of other ways we can help you maximize your car insurance. Our team's goal is to provide you the best insurance coverage possible. Talk to us today to learn more about your options.
Likewise, there are a variety of ways our team can help ensure you have the best insurance coverage possible for your home. It's worthwhile to speak with your dedicated Morison Insurance broker today to learn how else we can help find you the right coverage.
You can compare a bundle at any time. However, it's important to analyze quotes each year when your policy renews. At this time, you should also consider the different options available to you when making changes in your coverage. When you work with the expert brokers at Morison Insurance, you can have peace of mind knowing we'll find you the best bundled home and auto insurance quotes.
We have more than 20 insurance company partners, and our team is highly skilled at getting these companies to compete for your business. This not only leads to a competitive insurance price, but also ensures you're getting the best coverage for your needs. Our brokers take pride in going above-and-beyond to help each of our clients throughout Ontario. We take the time to understand your unique requirements, answer any questions you may have, and be there for you whenever you call.
At Morison Insurance, we are more than happy to help you get a bundled home and auto insurance policy that's right for your coverage needs, as well as your budget. Get your personalized home and auto insurance quote by contacting us at 1-800-463-8074 or filling out the contact form on our website. Morison Insurance has you covered!
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.