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Bundling Insurance: Working with an Agent

Keeping up with several monthly insurance payments can be a pain. A couple of years back, I found a way to simplify the process. By purchasing my home, life, and auto insurance with one provider, I went from three to one monthly obligation to track. It did take a little while to find the right provider. Even then, I had to compare different plans, and work with an agent to create the bundle. Now that it is in place, there is no doubt that managing the household budget is easier. If you are wondering about insurance bundling, let me share how I did it. Before long, you will also enjoy the peace of mind that comes with knowing you are covered and what it feels like to deal with only one monthly insurance payment.



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Bundling Insurance: Working with an Agent

4 Things You Should Bring To Your Meeting With An Independent Insurance Agent

by Dwayne Terry

Are you about to meet with an independent insurance agent regarding your insurance needs? An independent insurance brokerage is the easiest way to get business insurance, car insurance and home insurance all in one place -- but you should prepare for the meeting in advance to ensure that you have everything. Insurance in one area can affect insurance in another, especially if you're interested in umbrella insurance or combining your insurance packages.

1. Your Current Policies

Your current policies will give your insurance broker a good baseline for your current needs. In fact, your broker might even determine that your current policies are adequate and the best deal you can get -- you don't pay the broker yourself either way, so their only concern is that you are happy with your insurance. Bring all of your insurance policies, even the ones you aren't necessarily looking to change. Your broker may have information on how you could bundle your policies to save money. 

2. Your Appraisals

Any expensive items you have, whether it be heirloom jewelry or your home, will usually need an appraisal to be seen as insurable. Make sure that you have these appraisals in advance, as otherwise they could delay your insurance policy. Appraisals will also help if you ever want to sell an item or get a loan against the item, so they're useful to have regardless.

3. Your Home Inventory

When you insure your home, you're also insuring the contents. Your insurance broker will need to know the general amount of money it would take to replace the items within your home. A home inventory is also essential for actually reporting an insurance claim, as otherwise there would be no list of the items that were lost.

4. Your Business Balance Sheet

If you're looking for business insurance, it's important to bring a balance sheet listing all of your business assets, currently depreciated. Otherwise your insurance broker won't know how much protection you need. Your broker will also need to know your annual revenue, as this classifies the type of business you have.

Insurance brokers will shop around for the best policies so that you don't have to, but they can't do an effective job unless they have a full picture of your insurance needs. Keep in mind that insurance is essentially a financial product; it's intended to insure your assets. For that reason, you need all of your financial documents in order. Click here for more information.