ARI Blog: Article

What is Blanket Insurance?


What Is Blanket Insurance?

Blanket insurance provides more than one type of coverage using a single policy with a single limit. It can provide multiple types of coverage on one property, or group several properties together under one blanket policy.

Types of Blanket Insurance

There are several different blanket insurance applications in several different areas of insurance, including the following.

  • Commercial enterprises can purchase this type of coverage if multiple office buildings or warehouses need to be covered. Insuring each building with an individual policy would be costly and time consuming, by comparison.

  • Contractors will use this coverage for property that is located at different locations. (Be careful on the type of property, though. Some coverages like an installation floater provide better coverage in certain situations.)

  • Landlords can cover all of their individual properties with one single-limit blanket policy.

  • Business owners can use a blanket insurance policy to cover items such as specialty equipment that needs to be transported among locations on a frequent basis.

How Much Does Blanket Insurance Cost?

Blanket insurance is undoubtedly more expensive than an individual insurance policy. But you must consider the advantage of extended coverage and just how much that is worth to you.

Blanket insurance coverage will typically run about 10 percent more than your average policy, but to get the same amount of coverage, you’d need to purchase at least two separate policies. As you may know, bundling insurance can often save you money. Blanket insurance takes care of the bundling for you.

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