Suppose it is time to get renters insurance. You might be moving to a new home or apartment. As a result, you’ll likely have to carry a policy. You’ll want to pay the most affordable price for it, too. How can you save on your coverage? It might be simpler than you think.
When you buy renters insurance, you often have the chance to buy other policies from the same insurer. This can help you get valuable policy savings, not to mention cohesion and convenience out of your coverage.
What Is A Renters Insurance Bundle?
Most landlords require their tenants to carry renters insurance. Coverage might contain:
- Possessions Insurance: Coverage will pay for the damage your personal items sustain in a rental property. However, it won’t pay for the damaged property’s structure because you don’t own it.
- Liability Coverage: With liability insurance, you can cover the damage you cause to others. For example, if you cause damage to the property’s structure, coverage can pay the landlord so they can make the repairs.
Still, renters insurance isn’t the only type of policy you need in your life. You need various other types of coverage for different assets. One of the most-critical items to cover is your car. A car insurance policy might include:
- Liability Insurance to pay for damage of others if you are deemed at-fault for a wreck.
- Collision Insurance covers damage your car sustains in a wreck.
- Comprehensive Insurance pays for damage non-accident mishaps. It might cover damage from vehicle fires or weather damage.
You’ll have to pay separate premiums for each policy. However, if you choose to buy the policies from the same insurance company, you may be able to save money and coordinate coverage. This practice is called bundling insurance coverage. By purchasing car insurance and renters coverage from the same insurance company, you can save yourself time and money.
By bundling your car insurance and your renters coverage, you’ll often open yourself up to certain perks.
- Multiple insurance companies offer premium discounts for bundle seekers. You might be able to save certain percentages on each policy. When you pay your premiums, they might cost less than those of a stand-alone policy.
- By bundling, you can often set up similar payment schedules for both policies. You can pay each premium at the same time, in one payment. Therefore, you might reduce your chances of having to pay multiple bills. You might also cut your own risk of defaulting on any of your payments.
Ask your Rovner & Company agent whether certain insurers offer savings and discounts for bundling car and renters insurance. Your agent will be happy to help you compare policy options to choose the best course of action.