Insurance companies are now allowing customers to bundle their various insurance needs into one policy in order to save money. The bundling of various policies benefits both the consumer and the insurance policy writer. The insurance company gets the opportunity to cross sell their products for all of their clients, and the client gets the opportunity to buy in “bulk” and save money in the process. In reality it is a win-win situation for both parties.
Many insurance companies will now offer all types of different insurance policies. Typical policy types include auto, homeowners, business and commercial. Some insurance companies will offer additional services such as commercial auto, umbrella liability, farm and ranch policies, and more.
Auto insurance is designed to protect you against the unknown factors that come along with driving a car. There are three major subdivisions of auto policies. They typically include property coverage for damage or theft of your car, liability coverage for legal responsibility to others in result of an accident, and medical coverage which pays for the cost of treating injuries sustained from driving or accidents. Many states require you to have at least liability auto coverage, so be sure to check with your own state’s rules for what type of coverage and how much you may need. There are different coverage levels for each type of insurance.
Homeowners insurance is designed to provide protection against unforeseen disasters related to your home. Homeowners insurance will cover both physical damage to your property, as well as any liability or legal responsibilities that may result from injuries that take place on your property or other similar situations. If your home was destroyed by fire or other damage, if someone is hurt in your home, if you are the victim of theft or vandalism, or if you currently have a mortgage on your home you will need homeowners insurance. All mortgage lenders will require insurance to protect their loan against your property. If something were to happen to your home the bank needs to be assured that their loan to you can still be backed by some asset.
Lastly is business insurance. This can get quite complicated as there are so many different types, but if you need it you most likely are already aware of the complications. It is used primarily to protect your business from lawsuits and other liability issues.
As you can see there are various needs and types of insurance, so be sure to speak to your favorite insurance company to see if you can package your insurances and save some money. All insurance companies are different, but see what you may need or what they can offer.