Package Policy

What is a package policy? Like everything else in insurance there is no one answer to this question.

A package policy can be the combination of two or more individual polices or two or more coverages into a single policy. A homeowners policy, for example, is a package combining property, liability and theft coverages for the homeowner.

Another type of package policy could be a homeowners and automobile policy written through the same insurance company. This could also be the homeowner with a travel insurance policy. Different companies offer packages that suit their market choice.

Usually the rates under a package policy are cheaper then buying the items one at a time. You need to discuss your requirements with your agent or broker and look for the best rates and coverage available.