Is It Possible To Save Money By Bundling Insurance Policies?

Combining your homeowners' insurance with another policy, such as your automobile, boat, recreational vehicle, or life insurance policy, will likely result in significant savings. It will depend on where you live, how many policies you bundle, your credit rating, your claim history, and various other factors; how much money you save will be specific.

Bundling discounts for combining two or more policies are advertised on the websites of every home insurance company in our list; savings range from 5 percent to 25 percent. When you bundle your house and auto insurance policies, you can save up to 25 percent, according to Allstate, for example. Combining homeowners insurance with vehicle insurance plans can result in savings of up to 20%, while combining home insurance with other policies such as a condo, life, or umbrella insurance can save up to 30%, according to Amica. We note that many consumers are generally satisfied with purchasing Amica insurance.

Other insurance carriers, such as USAA, claim that bundling home and vehicle policies can result in an average savings rate of 10 percent overall. We've had many consumers complain about how companies like USAA and State Farm treat their consumers when making claims.

However, all insurance firms provide disclaimers regarding individual discounts, and not all insurers offer every type of coverage in every state. The only way to determine how much you might save is to obtain estimates from several businesses.

When you purchase more than one type of insurance policy, some insurance providers will provide you with additional discounts by reducing or consolidating your deductibles. The same hurricane may damage your home and boat; however, some insurers may only charge you for the deductible for the damage to your home while waiving the deductible for the damage to your boat.

Keep in mind that the discounts stated on websites indicate the maximum amount of money you may be able to save. There is a good chance that your savings will be smaller. It is possible that you will not save any money at all, depending on your claim history, location, kind, and amount of coverage.