Insurance Basics/FAQS

Q: Are there any advantages to having both my home and auto insurance with the same insurance company?

A: There are significant benefits to having multiple insurance policies with the same insurance company.

One of the biggest benefits is receiving a multi-policy discount. Generally, this discount is based on having both a homeowner's insurance policy and an auto insurance policy with the same company. Usually, this discount applies to both policies and with discounts of up to 30% can save you several hundered dollars per year.

In addition to saving on your premiums, having more than one policy with the same company can also simplify your billing by combining more than one policy on one bill. You can have the same due date for all of the policies, which makes it easier to remember which date the premium is due. This avoids the chance of missing a payment and risking not having coverage in the event of a loss.

One other benefit that many people are unaware of is the benefit of avoiding claim disputes between policies. There are occassions when incidents occur where there may be a question as to whether the home insurance policy or the auto insurance should pay the claim. When the policies are written with more than one insurance company, each company could claim that the other is responsible for the claim, leaving you waiting for a resolution without the claim being paid. With just one company, there is no way to pass the buck to another company.

Some companies also offer a unique "one deductible" benefit. This means that when a covered peril occurs and affects both the home and the auto policies, the company will only apply one deductible. The deductible will normally be the higher of the two deductibles. An example would be if a hail storm came through and damaged both your roof and your vehicle parked in your driveway. The company would only apply the higher of the two deductibles. Different companies have different stipulations, so be sure and ask how the coverage applies to you when getting your quotes.

Finally, when placing your home, auto and all of your other insurance policies with the same company, you will also be taking advanting of having just one agent reviewing and advising you on your protection. This allows the agent to get a whole picture of your personal insurance needs and suggest the appropriate coverage to properly protect you. You have just one agent, so there's only one number to call in the event of a loss or claim.


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