All of your insurance policies are designed to protect your finances, but did you know that keeping all of your coverage with the same provider can give you a discount?

Benefits of bundling

Almost everyone has home or renters, auto, and life insurance, and combining these policies together can give you a substantial discount. In fact, almost any type of personal insurance policy can be bundled in order to save on premiums and streamline the claims process.

Here are some of the benefits of bundling your insurance policies:

• Discounts—Many insurance carriers offer discounts for bundled policies. The exact discount will vary between different insurers but generally range between 5% and 25%.
• Convenience—Bundling policies together cuts down on paperwork and makes your coverage easier to manage. And because you only have to work with a single insurance carrier, you can save time by viewing your premiums, renewal dates, and other information all in one place.
• Single deductibles—If a loss applies to more than a single policy, the deductible you pay may apply to all of your coverage. For example, if a severe storm damages your vehicle and your home and you carry both policies with the same provider, you may only have to pay a single deductible.
• Less chance of dropped coverage—Insurers regularly drop coverage if a policyholder makes a large amount of claims. But, if your policies are bundled together, providers will be less likely to drop you.

When to avoid bundling

Bundling does have many benefits, but in some cases, it’s best to keep your policies separate. Here are some situations where it may be better to avoid bundling:

• Expensive auto insurance—Auto insurance rates can vary based on several factors. If your rates are higher because of local risk factors, you may want to separate your other insurance policies from your auto insurance.
• When premiums increase—Having your policies bundled together can make it difficult to shop for new policies, but you may be able to find better rates by comparing different insurers every so often.

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Tips for insurance buyers

While multipolicy discounts can be tempting, it’s important to remember that bundling policies may not be the cheapest option you have. Here are some extra tips for finding affordable and complete coverage:

• Ask insurance providers to provide the prices for both individual and bundled premiums to see how much you’ll save.
• Contact Christensen Group Insurance before your renewal date to make sure you’re getting the best balance between your insurance rate and the coverage you need.
• Call us at 952-653-1000 for help comparing multiple providers and other coverage options.

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