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Combining Insurance Policies To Save Money

The number of insurance policies you need and the premiums you pay for them can take a considerable part of your monthly budget. So how can you keep yourself and your family protected while saving some money? Often you can save by combining insurance policies with your home insurance without sacrificing coverage.

Insurance companies are more than happy to insure policyholders with multiple policies such as; auto, motorcycle, boat, Recreational, and Home. So they are eager to offer you great discounts. This will help you to save more on your premiums.

When you combine your home and auto insurance, for example, you will not only save money, but you will have the added convenience of one insurance package, one payment to make each month, one renewal date, and one single deductible that will apply in the event a claim is made.

As with any insurance, it is essential to do your research. You should find out how a company ranks in terms of how well they pay their claims and their financial strength. You should also read the insurance policy carefully to know precisely what you are covered for and how much the provider will pay for a claim. It is important to remember that having the right amount of coverage outweighs the cost of having inadequate coverage.

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To Bundle or not to Bundle? That is the question!

Most people feel that if they put all of their insurance in one excellent package, then they are saving money. That, however, is not always the case. For instance, a cable company may offer bundling to save money if you put your cable, phone, and internet together. This bundling system works for cable companies because cable companies as a whole are not a diverse market. There are only four to five companies to choose from, and in most cases, where you live dictates what cable company you will use. So any savings is a good one.

Likely, you can still find cheaper policies if you shop around. Being a savvy consumer is the best way to see if you are getting the bang for your buck. Once you’ve researched, you may find that bundling is not always the best way.

However, insurance is a horse of a different color. There are hundreds of insurance companies in Florida, all of which specialize in other lines of insurance. Competition is high, and insurance companies that give the option to bundle are at an advantage because bundling can be a way to get added discounts. It offers the convenience of making one payment a month versus two or three, allowing you to deal with only one agent… one insurance company.

But if money is your primary motivator, you may want to research more. Bundling allows you to get multi-lined discounts, but you still may find cheaper, separate policies through another agent or with another insurance company. So many factors go into determining insurance rates, so don’t get caught up on the concept of bundling. As a consumer, take the time to do your homework on the companies you are considering. It’s your money, so take an extra week to compare prices and coverage, as the two go hand in hand.