More people moved to Florida in 2021 and 2022 than in many previous years combined, resulting in apartment complexes boasting full vacancy rates and many more cars on the road. If you are one of those who moved here recently, welcome to Florida! As one of the Sarasota area’s premier insurance brokerage firms, we’d like to offer some of our expertise on bundling renters and auto insurance when you obtain your new insurance coverages.
What Is Insurance Bundling?
Insurance bundling refers to purchasing two types of insurance coverage – such as renters insurance and auto insurance – from the same insurance provider in order to gain discounts and benefits. Bundling two transactions into one saves time, money, and hassle. Let’s take a closer look at the benefits of bundling.
- You’ll Save Time: No one ever seems to have enough time, and spending your precious minutes and hours tracking down and managing two separate insurance companies can be a hassle. If you are speaking to an agent about a new auto insurance policy, why not ask about the other coverages you need? You can take care of multiple tasks at the same time.
- You’ll Build a Relationship: The more business you do with an insurance company, the more familiar they become with your situation and your portfolio. If you are a valued customer with multiple policies, they will likely help you out more readily and troubleshoot issues with you. When your agent knows you, issues get resolved more easily, and you can be sure you are getting excellent service. Be sure to ask about any discounts that may be available to you or any discounts tied particularly to bundled offerings. If you call to add a policy to your account, be sure to point out that you are an existing customer.
- You Can Save Money: If anyone is motivated to make sure that you get every break and discount, it’s someone who is already doing business with you. When bundling policies, you are often eligible for significant discounts on both policies, known as multi-line discounts. The savings potential makes it worthwhile to explore bundling all of your coverages with the same provider. You may even be able to bundle the deductibles, which can save you thousands of dollars. Not every insurance company offers this benefit, but it’s worth asking your insurance broker about the possibility.
Independent vs. Company Brokers
A good deal is possible if you sign up for bundled policies through an insurance agent representing just one insurance company. But an independent insurance agent – who represents multiple companies and their offerings – can shop their comprehensive portfolio of insurers to locate the bundled deal that offers the best features and pricing.
An independent insurance agent will first ask questions and determine your specific coverage needs. Then they will contact potential insurers on your behalf, pull together rate information, and run the numbers to find the best deal. A professional agent might provide two or three different options, explain the pros and cons to you, and allow you to make the final decision as to your coverage. Purchasing insurance in this way gives you the ultimate flexibility and doesn’t restrict you to only the products available from one company.
Anderson & Associates Insurance Group is a full-service insurance brokerage that provides professional guidance to Sarasota and Manatee residents looking for auto, business, renters, or home insurance products. Call today to learn more about our personalized service.
