You have a lot worth protecting. Insurance is available for your home, your car, your health and even your life. Countless insurance providers offer specialized policies for all of your needs – from important flood insurance for lowland homes to collision insurance for your new jet ski. With so many things to protect, though, it can be easy to let the paperwork from all your insurance policies pile up or get mixed up. Maybe it’s time for you to consider bundling.
If your filing cabinet is overflowing with insurance papers, consider bundling your insurance under one provider. Keeping your policies under one roof can save money, simplify your record-keeping and streamline bill payment.
Less paperwork
If you keep your home, car, life and other insurance policies with one provider, you will significantly reduce your paperwork. Bundling your insurance will let you update your policies, coverage and beneficiaries with fewer signatures and forms so you can keep the focus on the important things instead of tracking down endless “sign here” lines.
Tip: Make sure you keep both a physical copy and a digital copy of your plans whether bundled or not, and email a copy of your policies to yourself. No matter where you are or what happens, you’ll have quick access to your policies.
Lower premiums
Keeping your insurance together will result in more money in your pocket. Insurance companies offer great discounts on your premiums when you add-on more policies. Whether that means 10 percent off your auto insurance when you add renters insurance or some other incentive, it almost always means more savings for you. Some deals can help you save as much as $5,000 per year.
Simpler policies
As you’ve grown older, you’ve accumulated more things of a greater value, especially if you collect items like antiques and baseball cards, or if you have high-end jewelry. If your personal possessions cost more than what your insurance covers, filling the gaps can quickly become complicated. Bundling various policies together will simplify your coverage and keep all of your assets protected. What’s even better is that a bundle of policies can lower deductibles applied to loss, which will greatly reduce your out of pocket cost. Newlyweds, in particular, may benefit from bundling because they can look forward to one deductible, one bill and one renewal date.
By reducing the cost to you, simplifying the process and providing more complete coverage, insurance companies not only provide an effective service, they also simplify the work on their end. These bundles can cover a wide variety of items and risks, which can be both a blessing and a curse. Make sure that your new insurance bundle meets all your needs without making you pay for unnecessary coverage, and you’ll be happy you made the switch.
Originally posted on December 1, 2012 @ 2:34 pm