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The Benefits of Having Combined Life and Home Insurance

5 June, 2024 | M Aparicio

Combining our life and home insurance, which are the main insurances requested when contracting a mortgage, can bring us significant benefits.

In the insurance world, there are similar concepts for discussing combined insurances such as multi-insurance packs or multi-protection insurance.

Multi-insurance packs are a series of insurances contracted with the same insurer jointly, and multi-protection insurance is understood as an insurance that encompasses different risks.

However, in this article, we will only talk about combined life and home insurance.

The Custom of Contracting Insurance One by One

Generally, we are accustomed to contracting insurances separately, independent of each other, and even with different companies. This can undoubtedly lead to economic disadvantages, loss of benefits or offers, and it can also be quite tedious in difficult times to have to figure out which company we need to solve the problem with.

What is Combined Life and Home Insurance?

When talking about combined life and home insurance, we are referring to a single policy that integrates life coverages with home coverages into one contract.

In other words, instead of having two policies, both are unified into one, thus simplifying the management and payment of premiums.

Undoubtedly, the combination helps to personalize and make it easier and more efficient for the client to customize the insurance and home policy. Depending on the circumstances and desires of each person or family, one might want to give greater coverage to the home or create more comprehensive coverages for life insurance.

Or thanks to the combination, both insurances can be easily improved and made more complete. The insurance company will provide us with information on the advantages of combining both insurances.

Ultimately, the combined home and life policy can offer you a significant degree of customization by selecting the level of coverage you need for each component, adjusting it to your needs and personal circumstances. This way, you can avoid paying for coverages that are not necessary for you while focusing on the appropriate protection or where you may need it most.

Moreover, you can compare the differences between contracting combined or separately the home and life insurance with the same or another company and finally make the best decision.

The Advantages of Combined Life and Home Insurance

If we contract the home and life insurance in a combined manner, which can be considered as two very important insurances, we will surely have significant benefits and advantages in the form of offers and promotions. We will also have the advantage of having at our disposal a person or group of people we trust to discuss any doubts or problems related to either of the two insurances.

We will have to make a single payment for both insurances.

The Financial Benefits of Having Combined Life and Home Insurance

Saving on Premiums

Without a doubt, the first thing that comes to mind is the economic savings that the combined insurance can provide us. When contracting a pack, companies are usually generous and offer special and significant discounts. This way, we maximize our budget without having to lose coverages.

Bureaucratic Facilities

If we only have one policy for home insurance and life insurance, we will only have to manage an annual or monthly payment. We will not have to be aware of both payments but just one. Many times, it happens that one insurance expires in a certain month and another insurance does so in a different month. This can cause us to forget or have economic shocks.

The combined insurance avoids these complications, and you can thus more easily manage your finances. As we have mentioned, the procedures and bureaucracy are reduced with the combined policy.

The Peace of Mind Provided by Insurance as a Lifestyle

Living in peace, reducing our stress, is adopting a healthy lifestyle, at least on an emotional level, which is very important. Knowing that both our life and our home are insured should provide us with good peace of mind, which, as they say, is priceless.

Unfortunately, life is unpredictable, and yes, difficult times such as a theft, a fire, or a severe illness do arrive. Knowing that both we and our loved ones are covered by the combined life and home policy will free us from the great concern of the lack of finances.

And undoubtedly, this economic support will help us overcome those adverse times or complex circumstances we may go through.

Particular Cases in Which the Combined Home and Life Insurance is Beneficial

There are different cases where the benefit of having combined life and home insurance is more evident. For example:

Families with Offspring

If the family has children, the combined home and life insurance is ideal. It offers the security that in the event of a tragedy, the children will be financially covered and also will not have to worry about the loss of their home. They will be able to continue with their lifestyle and their education.

Greater Security for Homeowners with Mortgages

If there is a mortgage debt, in the event of death, the family can maintain their home with the dwelling already paid for. This will undoubtedly help overcome financially and emotionally the tragedy of having suffered a loss.

The Golden Rules When Contracting Insurance

The golden rules that we will now offer you from Hipotecas Plus serve for any insurance and therefore will also be useful for the combined life and home insurance. Do not contract unnecessary coverages, study each one of them, because some of them according to your circumstances will never be useful to you, and if you do not discard them, you will pay more for nothing.

Be attentive to the fine print, the limits, the waiting periods, the exclusions, remember that the devil is in the details.

Do not look only at the economic part of the policy. You have to evaluate the price and the coverages offered by the policy together.

If you contract an insurance just because it is very economical, when you really come to need it, you may be sadly surprised that it will help you very little.

Today, honey pots proliferate, insurances that turn out to be extremely economical but leave many coverages uncovered.

Compare different options and companies in order to find the product that best suits your needs and, of course, your budget.

Review your policy periodically. Situations and personal circumstances change, and you may need to adjust your coverages. This will save you from unpleasant surprises.