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By Kerri Anne Renzulli
October 22, 2015
Buzz Productions—Getty Images/iStockphoto

It turns out you really can save a bundle when you bundle policies with one insurer.

A new study finds that people can save 16% of their total cost — $295 a year on average — if they purchase car and homeowners insurance from the same company. In some states where insurance is more costly, consumers can pocket even more cash, according to an InsuranceQuotes.com’s report.

If you live in Louisiana, for instance, your average annual savings from combining policies would be $548 — the highest in the nation. In all four of the states with the next highest payoff — Oklahoma, Texas, Mississippi, and Kansas — residents could see more than a $400 reduction in their annual premiums.

Read More: 23 Ways to Slash Your Car Expenses

Even if you aren’t a homeowner, bundling may still cut down your insurance costs. People who combined car and condo insurance saved 11% on average, the report found, while those who combined car and renters insurance saved 8%.

Here’s where the biggest savings opportunities are now:

Louisiana: $548.13
Oklahoma: $489.49
Texas: $428.85
Mississippi: $405.00
Kansas: $402.94
Georgia: $389.70
Minnesota: $385.88
Arkansas: $385.39
Alabama: $385.29
Missouri: $366.27

And the opportunities for savings are increasing: In 36 states, the report found, bundling offers a bigger payoff than it did last year. Hawaii residents got the biggest improvement, with savings jumping 66% this year to $192 from $116 last year; Floridians saw a 65% increase in potential savings.

So it’s worth calling your insurer for a new quote. Just remember: While you’re most likely to save by bundling, the best practice is still to get quotes together and separately. Depending on the provider, your location, the value of the assets you’re covering, and the liability coverage you select, there may be times when splitting your policies between different insurers will give you the best deal.

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The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

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