What influences your decision to choose an insurance company? Price? Reputation? Convenience? If you are like many people, you may have purchased auto insurance through the same company your parents used, homeowner’s insurance through the company your realtor recommended, and other types of coverage from the companies that offered you the lowest rates. While you may feel like you are getting a great deal on insurance, there is a good chance you are missing out on one major discount that could reduce your premiums by as much as 15 percent or more. Continue reading to learn more about the number one discount offered from nearly all Wisconsin insurance companies that you need to know about.
Combine Home and Auto Insurance for Tremendous Savings
When you have multiple properties and assets that need to be covered, insurance companies will do everything they can to capture all of your business. They know that the more types of coverage they provide you with, the greater the chances of you remaining a customer for many years to come. They also know that other insurance companies may offer better rates on certain types of quotes. By offering a discount on combined car and home insurance, an insurer may be able to offer a lower overall rate that earns your business.
Known as multi-line or multi-policy discounts, insurers may apply a large discount to just one type of insurance or spread it evenly among each different policy. You can combine car and home insurance, or exchange a home policy for condo, townhome or renter insurance. In some cases, your discount can increase with each additional line of coverage you add. For example, you may notice a further drop in combined premiums if you add coverage for a second vehicle, a boat, an ATV, or even life insurance.
The amount you save will vary from insurer to insurer. Some companies do not publish their combined car and home insurance discount rates, where as others are open about the amount you can save. According to the Insurance Information Institute, the standard discount is between 5 and 15 percent, although this can fluctuate between carriers and states. Here in Wisconsin, a study cited in Insurance Business America found that the average person can save nearly 20 percent by bundling home and auto insurance with the same company.
Should You Consider Package Insurance?
Package insurance is a specialty insurance product that is customized to the individual needs of a customer. Requirements for this type of coverage vary among insurers, but it is typically recommended for people who meet specific eligibility standards, such as a high credit score or a large number of assets to insure. If you qualify, however, package insurance could save you even more than a multi-policy discount alone.
Package coverage provides all of the insurance you need – liability, home, auto and more – in a single policy. There is only one premium to pay, and you may be privy to some special features like expanded liability limits and a more streamlined claims process. Furthermore, all assets covered on a package insurance policy share a single deductible when damaged in the same covered event. Instead of paying $1,000 toward home a home deductible, $500 toward a car deductible and $250 towards an ATV deductible when a fire destroys your garage and its contents, you might pay only the $1,000 deductible toward repair costs – a savings of $750.
Don’t miss out on the savings you deserve. Talk with an independent insurance agency like Philleo Agency Insurance about combining home and auto insurance for lower rates.