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A Package Deal

In an economy centered around simplicity and instant gratification, packaged auto and homeowners insurance policies offer not only the possibility of financial savings, but a more convenient billing and claims process. The website Business Extras reports that most multiline insurers will combine your premiums into one monthly statement, require only one deductible at claim time and even review both policies together at renewal time. For on-the-go consumers, these extra time-savers can be worth just as much as the 15 percent in possible combo savings.

Married Couples' Plans

While it may not be the most romantic idea for newlyweds, combining your car insurance policies can save you 10 to 30 percent in insurance premiums, reports the website Kiplinger. This is especially true for single-turned-married men, who generally pay higher rates then women. For even more benefits, married couples should consider tacking on a home insurance policy with the same insurer, which can mean additional savings. Just remember to do your research before signing any combo deals.

Driving Record Affects Home Policy

If you're combining homeowners and auto insurance into one package deal, it's important to remember that your driving record, accident and vehicle claim history may affect your new home insurance rate, even if you've never filed a home insurance claim. The insurance industry uses several factors such as your gender, credit score, location and vehicle or property information when determining your premium, so overlap is bound to happen when combining policies. The good news is that a bundled policy may still save you money despite any crossover risks, reports the website Bankrate.

Considerations

Combining a homeowners and auto insurance policy may be financially lucrative for some, but what your insurance agent may not tell you is that in some cases, a multiline policy could exceed the cost of two separate policies. Before signing the package deal, shop around and compare the cost of a combined package versus separate auto and homeowners plans. The research may take more time, but there are plenty of rate comparison and unbiased calculators online. The Insurance Information Institute helps compare premiums across the board and offers a nationwide map of State Insurance Departments for local-level research.