NEW YORK (MainStreet) — Combining your insurance under one roof, so to speak, offers many advantages to insurance consumers. Most insurers provide discounts to customers who consolidate all of their insurance policies under their one roof, and MetLife (Stock Quote: MET) is going all in with that effort.

The insurance carrier announced this month an expansion of its personal lines “combo” policy to more than half the nation. The program essentially enables consumers in 28 states to combine multiple insurance policies into one package, with only one payment and only one renewal date.

“Combo policies like this one offer valuable advantages, particularly when it comes to simplifying the insurance process,” says Joann Kraemer, director of product development for MetLife Auto & Home. “People value this increased simplicity, as it reduces the amount of paperwork for their households and makes it easier to manage multiple insurance needs at once.”

The MetLife program will be rolled out in phases to different regions:

• First Quarter of 2011: Colorado, Maine, New Jersey, Oregon, Pennsylvania, Texas, Utah, and Washington.
• Second Quarter of 2011: California, Connecticut, Georgia, Idaho, Kentucky, New Hampshire, New York, and Virginia.
• Third Quarter of 2011: Maryland, Mississippi, Montana, North Carolina, Nevada, Rhode Island, and Vermont.
• Fourth Quarter of 2011: Florida, Massachusetts, Michigan, West Virginia, and Wyoming.

MetLife won’t commit to an actual discount amount if you take advantage of its combo policy, but most insurers offer discounts in the 15% range if you combine your auto insurance with your homeowners insurance, but the numbers can vary state to state.

It’s also worth mentioning that MetLife is no longer in the long-term care insurance business – it stopped selling such insurance in December 2010. So if you’re looking to bundle a new long-term insurance plan into your other insurance policies, MetLife isn’t a good bet (unless you already have long-term care insurance with the company, as MetLife is honoring its LTC insurance for existing customers).

In addition to the savings that come from bundling, you can further reduce your overall insurance costs by paying your annual insurance bills in one or two lump payments, instead of paying those bills monthly (you usually save around 5%-10% when you do this). State Farm, for example, claims its customers can save up to 40% if they take full advantage of all of their potential insurance discount deals.

If you decide to consolidate your insurance policies, make sure the agent you use knows how to get you the best deal by “bundling” your policies together. Tell him or her you’d prefer to use one carrier, and that you want a discount for combining your insurance bills into one. Most insurance agents will offer the deal themselves, but it’s worth mentioning what you want upfront.

Of course, there is a downside to using only one provider – lack of flexibility. So make sure the insurance company you choose is experienced, reliable, and has a track record of paying off claims quickly. You can get a full review of the major insurance carriers at InsuranceCompanyReviews.com.

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