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Combining policies or "bundling" is a tactic insurance salespeople tout as a way for customers to save money, but exactly how much you can save depends a lot on where you live and whether you own or rent your home, new research shows.

According to new data from, you can get an average discount of 16% if you combine auto and homeowner's insurance under the same umbrella. But you can expect only half those savings if you're just a renter looking to combine your renter's insurance with car insurance.

Homeowners in Illinois can shave an average of 23% off their combined premium if they bundle auto and homeowner's policies, but it's not nearly as big a deal for Florida residents: They score a discount of just 7%.

The other big geographical difference that factors into the equation is what insurance rates are like in your state in the first place.

In Louisiana, for instance, homeowners paying separately for auto and home insurance pay nearly $3,000. So even though their discount is a little below 20%—not far from the national average—because rates are so high, this translates to a savings of $584 a year. Other places where rates are highest include Louisiana neighbors Texas and Mississippi and nearby Oklahoma and Kansas.

In places like Vermont, though, where the average total premium for both policies is less than half of what Louisiana homeowners pay, the savings add up to less than $200.