Using the Same Provider: The Benefit of Simplifying
Who doesn’t like to simplify? In the case of insurance, simplifying doesn’t just mean fewer phone numbers to keep track of and fewer company names to keep straight. There’s a financial benefit to securing all the types of insurance you need from one provider.
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Insurance companies want your business, and, assuming they
offer the coverage you want, you may benefit from giving it
to them. For example, check with your auto insurance provider
about homeowners and liability coverage. Chances are, the
company will discount your new homeowner policy premium by
5-15% since you’re already their customer. Just make
sure that the discounted combined price for getting all your insurance
with one-stop shopping is
lower than if you were to buy your policies in different places.
Another way to earn a discount: good, old-fashioned loyalty. If you’ve had coverage with a company for several years, they may thank you for your business by lowering your premiums, particularly if you’re signing on with them for additional coverage in the form of a homeowner policy. Just remember to compare your rate with those offered by other companies every year or so. Prices change, and you want to be sure the rate you’re getting is still competitive.
Make it an annual practice to compare your policy’s limits against the value of your possessions. If you’ve previously insured something that has depreciated, tell your insurance company so they don’t charge you for coverage that’s higher than what you need.
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Home Insurance Basics is not an insurer and cannot issue home insurance policies. This site provides free information about home insurance policies and companies. The companies detailed have not endorsed or sponsored these pages. Products and services may not be available in all states.
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