Best home and auto insurance bundles
Most property and casualty insurers that sell both auto and home insurance offer multi-policy, or multi-line, discounts, but the savings vary depending on individual carriers. You will typically see savings on both policies, which may be listed as a dollar amount or percentage. The following table illustrates the amount you could potentially save on your auto insurance by bundling policies with some of the largest U.S. insurers, and may help you find the best home and auto insurance bundle for your needs.
We determined the following companies to be the best companies for a car and home insurance bundle. To find the best bundle insurance, we analyzed the largest companies by market share, found which ones offered bundling, and narrowed down providers by how large their bundling discounts typically are. If you want to bundle auto and home insurance, you might want to start with quotes from these companies:
*Savings amounts represent the combined average savings reported by the company for auto and home premiums.
Allstate
Allstate, the fifth-largest property and casualty insurer in the U.S. based on market share according to the Insurance Information Institute (Triple-I), advertises the largest bundling discount of any company on our list, with policyholders able to save up to 25 percent. Allstate offers home and auto insurance in all 50 states and Washington, D.C., so it’s a popular option for many individuals seeking companies with nationwide availability. The company also has a network of exclusive local agents that can help answer your policy questions and assist you in setting up home and auto bundling. Allstate’s average premiums are on the high side, but with bundling and other possible discounts available, you may find your rates drop below the average.
Learn more: Allstate Insurance review
Farmers
Farmers is the ninth-largest property and casualty insurer in the country by market share, and its bundling discount saves an average of 20 percent. There are plenty of other ways to save on both auto and home insurance, too, so Farmers could be a good choice for those who value discounts. Farmers policies are sold by local agents, too, which might be appealing if you like handling your insurance needs in person. However, J.D. Power ranks Farmers near the bottom of its 2022 U.S. Home Insurance Study. Additionally, coverage isn’t available in Alaska, Delaware, Hawaii, Maine, New Hampshire, Rhode Island, Vermont, Washington, D.C. or West Virginia.
Learn more: Farmers Insurance review
Nationwide
Nationwide, the 10th largest property and casualty insurer, offers a bundling discount of up to 20 percent. Nationwide sells its products through local independent agents who can help you choose the right coverage options with the best savings possible. The company writes policies in nearly every state. However, if you live in Alaska, Florida, Hawaii, Louisiana, Massachusetts, New Jersey or New Mexico, you may not have access to either Nationwide home or auto insurance. Before making your purchase decision, keep in mind that Nationwide scored below the industry average in the J.D. Power Home Insurance Study for customer satisfaction, showing that some policyholders may not have been satisfied with their experience. However, Nationwide has an A+ (Superior) financial strength rating from AM Best.
Learn more: Nationwide Insurance review
State Farm
State Farm’s auto insurance bundle reaches up to $1,127 in savings. The nation’s largest property and casualty insurer, State Farm is licensed in all 50 states and Washington, D.C., but policies currently aren’t available in Massachusetts or Rhode Island. The company has a strong local market presence with exclusive agents across the U.S. You’re likely to find an agent near you who can help you craft coverage that meets your needs at a good price. However, State Farm does not offer gap insurance on its auto policies, so if you need or want this coverage, you may want to consider another provider. The company carries an A++ (Superior) financial strength rating from AM Best, the highest level possible, and scores above average for customer service, according to J.D. Power.
Learn more: State Farm Insurance review
Travelers
Travelers’ bundling discount generates up to 22 percent savings off your premium — 10 percent off your auto and 12 percent off your home policy. The sixth-largest property and casualty carrier, Travelers isn’t available nationwide, but could be an option for drivers and homeowners in most states. With independent agents and brokers selling Travelers’ coverage across the U.S., you can easily get answers to your questions and help with your policy when needed. Travelers ranks below-average in customer satisfaction as surveyed in the J.D. Power Home Insurance Study. However, the company carries an A++ (Superior) financial strength rating from AM Best, meaning that it has historically proven to be financially stable and able to pay out on claims.
Learn more: Travelers Insurance review
When shopping for policy bundles, it is important to review your quotes carefully. Finding a competitive price for your insurance is a priority for many, but the premium is not the only factor you should review on a quote. You may also want to consider the coverage types and policy features for each home and auto quote you received, as well as each company’s customer satisfaction scores and financial strength ratings.
Source: thesimpledollar.com