Bundled Home and Auto Insurance. Simplified.
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 can save you money and can make your insurance more simple and straight-forward.
What is bundled home and auto insurance?
A bundled home and auto insurance package is when you purchase your home insurance and auto insurance with the same insurance company and you receive a multi-line discount. 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 more you’ll get in savings from that insurance company.
Who needs bundled home and auto insurance?
Anyone with a property and an automobile would benefit from the cost savings provided with a bundled home and auto insurance package. Experience savings on both your auto and home insurance. Not only can you save money, but bundling your policies can make your insurance more simple and straight-forward with everything in one place. Bundling can save you time and money.
How much can you save by bundling home and auto insurance?
Some insurance companies will offer you up to 20% savings by bundling your home and auto insurance. Some companies provide a further incentive by increasing your liability coverage – sometimes by $1,000,000. This lets you save money and protects you from complicated claims in which you might be liable for high expenses.
Speaking with an insurance broker can help you navigate the benefits of bundling and help you find the best bang for your buck.
Do you have to pay one deductible when bundling home and auto insurance?
If your home and auto insurance is bundled and you have a claim open for your home and a separate claim opened for your car simultaneously, you don’t have to worry about paying separate deductibles when claiming for both your home and auto. This saves you (and your wallet) the stress of having to pay two deductibles in the event of filing two claims.
Do you get extra liability coverage when bundling home and auto insurance?
Many insurance companies offer you the incentive of extra liability coverage when you bundle your home and auto insurance with their company. Sometimes you can receive an extra $1,000,000 in liability coverage just for bundling!
Be sure to speak with an insurance broker to ensure that you are properly protected and have the right amount of liability coverage.
What are some extra coverage options for home and auto insurance?
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.
Insurance brokers offer unique home and automobile bundle policy packages, and you can tailor your policy to include additional coverages to ensure that your home and vehicle are properly protected.
Loss of Use Protection
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 that your car is being repaired after an accident. Having loss-of-use coverage will ensure that you get a rental car whether the accident was caused by you or someone else. This endorsement to your policy helps your collision affect your life a little less – 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. Loss-of-use protection would cover you for the entire length of your car’s repairs. This can save you hundreds of dollars in the event that an automobile claim leaves you without a vehicle.
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 that accidents can happen to anyone – even the most experienced of drivers. 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. This translates into protection from skyrocketing premiums after your first at-fault accident. Most importantly, this extra coverage is inexpensive. Often times it usually only works out to approximately $5 per month and is worth the peace of mind of knowing that your car insurance premiums will remain where they are.
Water Damage Protection
Did you know that 40% of damages to the home are caused by water? Every day homes across Canada 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 change policies to address these new and now common risks. This is especially true in terms of coverage for water damage to your home.
Identity Theft Protection
Personal identity theft is one of the fastest growing crimes in Canada. Last year more than 15,000 Canadians were victims of identity theft. 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 $5.00 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.
Does it ever make sense not to bundle home and auto insurance?
If you’re currently insured by two separate companies for your home and auto insurance but receive a fair price and excellent coverage, it’s possible that bundling 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 that you are currently benefitting from, you might want to consider keeping your home and auto insurance separate. At Morison Insurance we will help you weigh your options and determine whether bundling will save you money without affecting the level of coverage you are receiving.
Where can I get a bundled home and auto insurance quote?
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.
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