Most companies don’t sell auto or homeowner’s insurance in a vacuum. The chances are good that when you go to your nearest agent to get auto insurance, they will also have a homeowner’s policy available. Many times combining or bundling home and auto can save you money and get you additional benefits that you won’t get when you obtain them alone. Most insurance companies offer comprehensive homeowner and automobile plans, with the possibility of better premiums for both when you combine the two.
Stay with us as we take a look at both of these types of insurance and what they protect. Additionally, we will discuss some of the benefits and drawbacks of bundling your home and auto.
There’s a reason why the phrase, “There’s no place like home,” was coined and still sticks around long after it was first introduced in the classic movie The Wizard of Oz in 1939. Your home is your safe haven from the world around you, where you can entertain family and friends, and the place where you can go to unwind from a stressful day. However, what do you do when something happens to your home? The unexpected happens every day. Natural disasters, house fires, and theft can occur without any warning, and the strength of your homeowners is sometimes the only thing that can keep you going.
When you own a home, it is essential to have a homeowner’s policy. The right plan will even replace your home if it is destroyed and may also pay for your lodging elsewhere while you rebuild. The goal of MoranFinancialSolutions.com is to provide you with a policy that will give you peace of mind regardless of what may come your way, one that will provide a financial safety net in the event of a disaster.
Aside from replacing your home should anything happen to it, homeowner’s insurance carries other significant benefits, including:
- Allowing you to get a mortgage: Homeowners are mandatory for anyone applying for a mortgage as it secures your bank’s stake in your property.
- Protects you from liability: Having homeowners protects you from losing everything if you get sued by someone who is injured on your property.
- Replacement of your belongings: While the structure of your home is important, so are your belongings. Homeowners don’t just cover the framework of your home; it also includes everything inside, including furniture, jewelry, artwork, clothing, electronics, appliances, and other personal possessions.
Unfortunately, all too many people buying a home take out a policy on the structure when they purchase it and then never look at it again. Then when something happens, and they need coverage, they don’t know what kind or how much they have or what their policy will pay for. In the worst-case scenario, they don’t have the coverage they need and end up having to pay for repairs or court costs out of pocket.
Don’t wait until something happens to your home to review your policy. Contact one of the friendly and professional consultants to discuss the homeowner’s options available to you. They will answer all of your questions and help you find the best plan for your needs. Using an agent is the best way to find home insurance companies in Florida.
Owning and operating a car is a big responsibility that requires you to think about protecting yourself and those around you. Every state mandates that drivers carry auto insurance to protect against financial loss when an accident occurs. Typical auto plan for the state of Florida includes the following:
- Property: This replaces or repairs your car if it is stolen or vandalized.
- Liability: This pays for your liabilities or financial responsibilities related to any injuries or damage you cause to someone else’s property as a result of an accident.
- Medical: Coverage for treating your injuries, attending rehabilitation, and in some instances making up for lost income due to an accident.
While each state requires auto insurance, their guidelines all differ on what coverage you need to buy and how much of it you are required to carry. For more information on auto policies, including how auto insurance works after an accident and to get a quote in real-time, contact EdgeAutoInsurance.com.
The Benefits of Bundling Auto and Home Insurance
As we mentioned previously, there are multiple benefits to bundling auto and home. The advantage that the majority of our clients appreciate the most is saving money. In general, bundling these plans will save you 15-20 percent of your premiums. Additionally, the money-saving benefits of bunding home and auto-extend to filing claims, especially when something happens that impacts both your house and your vehicle. For example, let’s say a tree falls on your home, crashing through your garage and into your car. With separate policies, you would have to file two claims with different insurers and pay separate deductibles for the same event. However, by bundling, you only submit one claim and pay one deductible, and everything is taken care of in one step.
Another benefit of bunding is convenience. Working with one agent will decrease your paperwork, cut your login and password information that you have to remember in half, and reduce the number of people you have to call when you want to make changes to your plan.
While there are benefits to bundling, there are a couple of drawbacks, as well. One of these is if, by bundling your policies, you stop comparing them to others that are available. In the end, you are only hurting yourself by doing this and possibly missing out on coverage that can save you money and time in the long run. Additionally, those with high-end vehicles that have high repair costs may find that they get better coverage from a separate plan.
Ultimately, the choice of whether to bundle your home and auto is up to you as the consumer. However, when you have questions or need advice on the best coverage for your situation.