Bundled Homeowners, Auto, and Umbrella. Can one of the policies continue if the remainders are not?
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UPDATED: Dec 18, 2018
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Insurance Question from Paramus, NJ
Asked on 12/18/2018
Bundled Homeowners, Auto, and Umbrella. Can one of the policies continue if the remainders are not? In the situation in which Homeowners, Auto, and Umbrella policies are bundled, is it possible to continue the Homeowners by paying that premium while letting the other two lapse?
Answer given on December 19, 2018
When you bundle your insurance with one insurance company, you receive extra discounts on all of the policies for having them all with that one company. You can drop the other policies if you wish, but the discount you were receiving on the homeowner portion of the insurance will be lost and the premium for that policy will be adjusted up accordingly.
Before you move your other insurance to a different insurance company, review the costs for each company. Determine what discount you will lose on the homeowner insurance and then determine what savings you will get with the new insurance company on the auto and umbrella portion only. It is possible it is not worth the “savings” you will get with the new insurance company for its two policies, even if they offer a bundle for the two policies in question. You should also ask the new company for a quote on the homeowner portion to see if their 3 policy bundle will be less expense.
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