95% of the time the answer is yes. When you package your Ohio auto insurance and home insurance together, the discount you get is called the Multi-Policy discount and it’s often pretty significant. This applies regardless of the type of home policy it is, whether a condo policy, renters policy or regular homeowners insurance.
We’ve even had situations where the discount applied to the auto policy was enough to pay for the renters policy! So, yes it’s always a good idea to try and package your auto and home insurance with the same insurance company.
But what about that other 5% of the time? Following are the Top 6 Reasons You Can’t Package Your Auto and Home Insurance Together.
1. The company that insures your vehicles doesn’t insure homes
Yes, some insurance companies only offer casualty insurance (things that move like vehicles, motorcycles, boats, campers, etc.). They don’t insure properties.
So if that’s your situation, you can’t get your auto and home insurance packaged together. TIP: ask if they allow a “homeownership discount.” Some companies will give you a discount if your home is insured with a different insurance company. All you have to do is provide proof of that policy via a home insurance declarations page, real estate tax bill or other acceptable proof of ownership.
2. The company that insures your home can’t insure your vehicles due to driving issues/claims
So let’s say you’ve managed to rack up a few speeding tickets, and an accident or two in a few years’ time. Usually this qualifies you for non-standard insurance. So you’ve got Company X for your auto insurance. And Company Y for your homeowners insurance, as Company Y doesn’t do non-standard insurance.
Again, many non-standard auto insurance companies offer a homeownership discount, whether insured with a different company or via proof of ownership, such as a real estate tax bill or property deed.
3. The company that insures your vehicles can’t insure your home due to too many claims
On the flip side, maybe Company Y will accept your house with 3 claims, whereas Company X will not. So you put your home with Company Y and vehicles with Company X. Each insurance company has their maximum number of claims they will accept- some are more liberal than others.
4. Your home doesn’t meet Company X’s underwriting requirements
You have your vehicles insured with Company X. You’re thinking of buying a different house, but it’s got a few issues that Company X just won’t accept. But Company Y is a little more flexible in its underwriting and will allow those issues. So in this case you can’t package. Again, all insurance companies have their own underwriting requirements. Some allow more than others.
5. Your home is used for commercial purposes
Let’s say you operate a business from home- a business that requires a commercial policy to properly protect it (maybe you have a bed & breakfast or manufacture something on premises). And the company that insures your vehicles doesn’t offer commercial policies. At that point you would need to find another company that can insure the property due to the commercial operation. So again, you would have Company X for the vehicles and Company Y for the property.
6. Your vehicle is used for commercial purposes
Sometimes your vehicle must be insured on a commercial auto policy. And the company that insures your home doesn’t offer commercial insurance of any kind. You would need to find a different company to insure the vehicle.
You can read our blog post, 7 Ways to Know When to Purchase Commercial Auto Insurance” to learn about the most common situations where you need to buy commercial auto insurance.
Do you need help packaging your Ohio auto and home insurance together? Or need to see whether that truly is the BEST option for your situation? We can help you figure it out. We take your unique situation and choose the BEST solution for you (we have multiple companies and multiple options). Call us TODAY to review your insurance, or request your quote via our website.