You could save a bundle on insurance. Or not. Here’s why

Joshua Lott | AFP | Getty Images A teenager stands outside the destroyed home from a tornado in Moore, Okla., in May 2013.

Joshua Lott | AFP | Getty Images
A teenager stands outside the destroyed home from a tornado in Moore, Okla., in May 2013.

If you buy more than one kind of insurance—for your house, apartment, car or motorcycle—you’ve probably been pitched on discounts for buying everything from the same company.

It turns out those discounts vary widely depending on where you live.

In Oklahoma, you can expect to save as much as $22 for every $100 you spend on premiums if you sign up for a package deal covering your house and car. In Florida, you’ll only save $5, according to a state-by-state analysis of premiums by Bankrate.

Part of the reason for the wide range can be blamed on weather, according to the analysis by the personal finance website.

Tornadoes help explain why discounts are highest in Oklahoma, for example. Because insurance carriers have to cope with a relatively high frequency of catastrophic events, they have a bigger motivation to spread their business among multiple types of coverage.

In Florida, on the other hand, hurricanes typically inflict much more widespread damage, to both homes and cars. That means insurers can’t afford to offer Oklahoma-sized discounts, the analysis found.

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State insurance rate regulations also play a big part in how much insurance companies are allowed to discount premiums when they bundle insurance policies. States with tighter regulations may give companies less room to cut premiums on package deals.

Discounts were also smaller when car insurance was bundled with condo or renters insurance, the analysis found.

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And just as single-policy premiums vary widely from company to company, so do the discounts they offer for bundling.

The study looked the average savings of bundling auto insurance with either homeowners, condo or renters insurance, based on rates for a 45-year-old married woman with a bachelor’s degree, excellent credit score and no lapse in coverage.

By CNBC’s John Schoen. Follow him on Twitter @johnwschoen or email him.

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