Bundling your insurance policies
There's no arguing the necessity of having insurance in your home. After all, you'll never know when you may need some financial assistance to come back from an unfortunate accident. The only problem is that there are so many different types of insurance to consider and take out. Not only do you need to insure your home - and everything in it - but you also need to insure your vehicle, your health and wellbeing, and even your life.
This can be a lot to consider, not to mention the amount of money being paid out each month to keep on top of the charges. Luckily, there are a number of options available to help reduce these costs and make them more manageable. One of the main ones that should be considered is insurance bundling. Undertaking this method can help you get the most out of your finances and aid your lifelong insurance goals.
What is insurance bundling?
When people initially take out insurance policies, it's often a combination of great policy price and the growing need to have it as people accumulate more things and higher risks. Once they've taken out their policies, most people don't think about them except for the monthly payments. However, this could be simply throwing money away, where all that needs to happen is for them to sit down and consider their broader options.
For example, many providers now offer insurance bundles for their customers. Aiming for homeowners and those with established asset bases, providing clients with a package that can take care of and cover all their insurance needs in one swoop is an attractive option for individuals to consider - rather than having multiple policies with multiple companies paying multiple bills each month.
These are often malleable as well, allowing the addition of a second car or holiday home into the policy as opposed to taking out another insurance policy with the company. This helps to save the individual money while also creating a streamlined, simple insurance system.
What are the benefits of the insurance bundling?
For starters, the savings on insurance premiums alone are a great incentive for most people across the country. These will depend on your insurance provider and the deal you're able to bargain, but it's possible to save huge amounts of money each year by simply shaving some dollars off each of your premiums. And when you apply this across all the different policies many people have, the savings on each can be astounding per annum.
Furthermore, there's less maintenance to worry about. If you have policies spread across multiple providers, this can be difficult to keep up to date with and maintain. However, by bundling all your policies together under one provider, you can minimise the complications and keep focusing on the other things in your life.
Furthermore, having one bundled policy means only making one relationship with a provider, rather than multiple providers for the various policies you have. Being able to resolve any insurance issues you have with a single phone call can be a huge weight off your shoulders and make it easier for people to get on with their lives.
Of course, there are some potential downsides. Bundling your insurance policies together means that sometimes people get stuck with policies that they might not necessarily need. This is why working closely with an insurance provider to figure out the best way to create a workable bundle is an important factor to consider.
Get in touch with a professional insurance provider today to begin researching the different policies available and find out if insurance bundling is right for you.
Image credit: David Hilowitz