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By: Ramu Garuda  July, 31, 2019

Ohio’s homeowners can save as much as $95 or 10% by bundling their home and auto insurance. They can also avail of a multi-policy discount by bundling other insurance policies purchased from the same company. Some of the policies Ohio’s homeowners can bundle include

  • Life
  • RV
  • Renter
  • Motorcycle

Homeowners should ideally bundle their home and auto insurance

  • if bundling results in a much cheaper rate than the current total insurance amount
  • lowers combinations of rates are not available in separate companies
  • if the home is too expensive or risky to insure

Following are some bundling options offered by the biggest insurance firms:

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Bundling multiple policies under one insurance provider can have several advantages. For instance, if a tree falls through the garage and onto the car, a homeowner with insurance from different providers would have to file separate claims and pay separate deductibles. However, if the two policies are bundled under one firm, the homeowner needs to file only one claim and pay a single deductible.

Homeowners living in areas prone to extreme weather, with high crime rates, or considered high-risk properties by insurance firms will get coverage more easily from companies offering bundling options. Such customers are considered more valuable by insurance firms.

Homeowners must be wary about cancellation fees and other potential lapses in coverage before moving to a different company to bundle their insurance policies.

Homeowners should also be careful to not let the premiums payment of their car insurance lapse. A lapse of less than 30 days results in an 8% increase in the insurance rate. This rate increases by 29% if the lapse is longer than 29 days.

A downside of bundling is that homeowners miss out on better rates and coverage options offered by insurance firms from time to time.


ABOUT THE AUTHOR

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Ramu Garuda

Ramu is a research analyst with over 9 years of analytics & research experience. Prior to joining the company, he worked with some of the prominent consulting and market research firms in India, including Pride Technology (Supporting consulting projects to PWC), RR Donnelly, and The Hackett Group. His skills include company profiling, benchmarking, data and trend analysis, industry analysis, and report writing across the industries. Ramu holds a Master’s degree in Finance and Marketing. He also has a bachelor’s degree in Biotechnology.

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