For several years, home and auto insurance bundles have been unavailable in Florida. After the 2004-2005 storm season, most of the larger carriers left the homeowners market. After almost fourteen years, that is starting to change.
A bundle policy is actually several policies for the same customer or family issued by the one insurance carrier. A typical family may need homeowners, auto, umbrella, flood, and recreation vehicle insurance. That is a lot of insurance! The good news is you will not need to search all over town to find all of the policies your family may need. A local independent agent will do all the work for you. Agents who are able to bundle all lines with the same insurer will often recommend this as the most competitive option.
Bundling your insurance has many benefits. A major benefit is the price savings. Generous discounts are simply part of an insurance bundle’s DNA. Insurance companies aim to attract loyal customers who will place all of their policies and will remain insured with them long term. In exchange for this trust, the customer is rewarded with discount upon discount. The typical bundle will have a 10% discount on both the home and auto; that’s up to 20%! The home or auto policy will also include a multi-policy discount. The more lines you are insuring, the higher this multi-line discount will be.
In addition to the savings, there are coverage and claims benefits to having your insurance bundled. In the event of a claim that affects both home and auto, normally you would need to file two claims, deal with two adjusters and pay two deductibles. Not with a bundle- you would file one claim, deal with one adjuster and the policy includes a single deductible endorsement. The single deductible endorsement allows for you to pay only the higher deductible that applies.
Bundling all of your insurance may save you time and money. If you are interested in reviewing the bundle options for your family, contact us today!
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