Wednesday, 25 June 2014

Package Insurance

What is Package Insurance? 

Every insurance company offers a variety of products to customers. In the area of ​​property and casualty insurance these products typically include:

 Primary and secondary or vacation homes.
 Rental property or investment homes.
 Autos, and motorcycles.
 Motor homes.
 Boats and Yachts
 Small Business
 Personal liability and Umbrella Liability coverage.

When consumers have multiple properties, autos, recreation vehicles, boats and a need for extended liability coverage many insurance carriers will offer policies that group these different exposures together. 

A package policy may include several varieties of insurance grouped together and underwritten together. Many companies will offer better and more complete coverage when consumers insure everything with the same company.

Most companies offer discounts to consumers who insure both their home and auto's with the same company, but a package policy is different because the underwriter will review the entire exposure and assets families want to insure and create a policy that covers all the property and liability insurance needs of a consumer.

Package insurance is typically designed to meet the needs of more "affluent" consumers. People who have amassed a number of assets, and have investments in real property often need more complete insurance products. Grouping everything together provides an insurance company with a complete view of the risks and exposures customers may have.

These kinds of insurance products generally have higher standards for Insurance credit scores and offer more insurance for a lower cost then it would be to insure each item separately. It can take longer to receive quotes and may require the company to ask questions before offering a quote for coverage.

Package policies may require homes of a certain value or total customer assets of a minimum amount. Some package policies are specifically designed to meet the needs of the customers over all insurance requirements. It may be difficult to qualify for a package insurance with some companies due to underwriting standards.

Anyone who is working toward a stable and healthy retirement or invested in real property might want to consider shopping around and asking about package insurance products. Most of the preferred package insurance products include additional personal liability umbrella coverage.

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