Does bundling insurance services save you money every month? If yes, then why don’t more people bundle their insurance policies together?
According to the National Association of Mutual Insurance Companies (NAMIC), over 90% of consumers consider themselves financially savvy enough to shop around and compare prices. The problem is that they often don’t realize how much money they can save by bundling multiple insurance policies into a single package.
Bundled insurance packages typically cost less because companies offer discounts if customers buy them together. They also provide other benefits such as lower deductibles or higher coverage limits. Corey Kaster from Inbundance Wealth Management in Portland gave additional information, that some people by bundling help reduce administrative costs associated with managing separate accounts and contracts.
Top 5 Reasons Why You Should Consider Bundling Your Homeowners Insurance and Auto Insurance Policies Together
#5 – Reduces Cost of Ownership
You’re paying monthly insurance premiums to cover your home and auto. But how much have those costs really gone up since they were first purchased? When you bundle them together, you get access to a wider variety of policies, reducing your chances of being overcharged and saving money in the long run.
#4 – Access to Better Risks
Bundling lets you take out additional risks if you want to. If you already carry flood insurance, bundling your homeowners and auto policy could save you thousands each year. Or if you’ve always wanted to add earthquake coverage to your policy, now’s the time.
#3 – Easy Discounting
If you own multiple homes, consider selling one or two of them and receiving a discount on your remaining houses. A lot of companies will give you the cash value of your house at today’s prices… then pay off your mortgage and offer you less than what you sold it for!
#2 – Lower Premiums
Just ask any homeowner who has seen their rates skyrocket after adding a second property to their existing policy. By bundling your home and auto, you can reduce the amount of risk you’re taking on… and therefore lower your premium payments.
#1 – No More Paperwork
Finally, no more gathering documents, receipts, and forms just to file a claim. Simply call your agent or company to report a loss, and they’ll send everything else via email.
Insurance Masters help you protect your livelihood
Once you’ve identified what’s most important to you – time, money, lifestyle, etc. – Inbundance Wealth Management in Portland can help you assess what kind of retirement plan works best for you. This should include 401(k) plans, IRAs (individual retirement accounts), Roth IRAs (Roth Individual Retirement Accounts), pensions, annuities, life insurance, and so on. If you’re single, make sure to consider Social Security as well. It may seem complicated at first, but once you figure out which plan works best for you, the rest becomes easier.
This article was written and produced on behalf of Cory Kaster from Inbundance Wealth Management.