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Shopping For A Hazard Insurance Policy
When shopping for a hazard insurance policy, something called “bundling” can actually save you quite a bit of money that most people aren’t aware of.
Many of the big insurance companies price their insurance rates to attract a particular segment of the market. They usually price their hazard insurance policies to attract homeowners who need to insure not only their homes with hazard insurance, but also their cars with car insurance and lives with life insurance.
The big insurance companies want customers who will stay with them for years vs shopping around for a better deal every six months. So, to give customers an incentive to stick with them, they offer discounts if you use the company for all three (hazard, auto, life) lines of insurance.
Companies offer “multiline discounts” to attract customers who will need more than one type of insurance. These companies offer a cheaper rate to insure both your house and car than if you insured each one separately at different companies.
The same goes if you add a second car or a life insurance policy – the discounts keep adding up.
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Frequently Asked Questions:
Q. How much can you actually save when you combine insurance policies with one company?
It varies by company, but with some of the large insurance companies, it will save you up to 40%.
Q. Why are the large companies sometime so far off when it comes to price on my hazard insurance?
Large companies often give significant discounts if you have your hazard, auto and life insurance with them – and they actually *want* to be higher in price if you only have one line. People with only one line of insurance switch more often according to the statistics.
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Related Articles – Mortgage Payments:
- Mortgage Payment Basics
- Who Owns My Home If I Have A Mortgage?
- How Do I Calculate My Mortgage Payment Without A Calculator?
- Why Do I Need Mortgage Insurance?
- Understanding An Amortization Schedule
- Understanding the FHA Mortgage Insurance Premium (MIP)
- Do I Have To Continue Making My Mortgage Payment If My Lender Goes Bankrupt?
March 28, 2010 by Lori Strong · Leave a Comment
I've been in the mortgage industry for over 10 years and have helped thousands of homeowners either purchase or refinance homes based upon their individual needs.
With so many changes within the lending industry it's often hard to know how to navigate through new regulations. With my experienced team we can walk you through the process to make it easier to understand but most importantly to ensure smooth loan approval.
Please feel free to call me for a complimentary consultation.
Cheers!
Lori Strong
