Looking to save money on your insurance? Consider bundling your car and homeowner’s policies with one insurance provider.
Purchasing car and homeowner’s insurance from the same company can save consumers an average of $295 (16 percent) annually, according to a new insuranceQuotes.com report.
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The highest average savings are found in southern states. Louisiana leads the pack with annual savings of $548. Oklahoma trails close behind ($489), with Texas ($429), Mississippi ($405) and Kansas ($403) also states where residents have sizable savings potential.
Idaho residents get the lowest discount ($172 on average), followed by Vermont ($174), Utah ($183), West Virginia ($184) and Virginia ($189). The average savings tumbled 26 percent in West Virginia since last year — the largest drop of any state.
Savings in Florida grew the most of any state over the past year, rising from an average of $147 to $243 (66 percent). Hawaii came in right behind with a gain of 65 percent. Overall, 36 states boast higher savings in insurance bundling than last year.
Other types of bundling also save money. The average savings for combining car and condo insurance is 11 percent, while bundling of car and renter’s insurance yields and average price cut of 8 percent.
Related: The Easiest Way to Cut Your Home Insurance Bills
One thing to watch out for as you review your insurance policies is stale coverage — any shakeup in lifestyle might change your insurance needs, costs and discounts, so you should routinely update your insurance and shop around.
Not only does insurance bundling lead to savings, but it can also result in higher satisfaction with your insurer. The J.D. Power 2015 U.S. Household Insurance Study found that satisfaction was higher among homeowners that bundled policies compared with those that don’t.
