Bundle bummer: Florida again last in insurance bundling discounts

home and car bundleGreat news: Buying your home and car insurance from the same company can give you discounts up to  23 percent on your premiums — if you live in  Illinois.

Here in Florida? Sorry. In percentage terms,  Florida gives the lousiest discounts  for what  is known as “bundling”  — about 7 percent,  finds insuranceQuotes.com.

A post last year explored  some of the possible reasons. Florida has the nation’s most expensive home insurance and fourth highest car premiums, so savings that are not the worst in absolute dollars ($238 a year on average) can be relatively small as a share of the total bill. Also, the majority of Florida’s home insurance market is now served by small, state-based carriers that don’t necessarily sell car insurance. That cuts down on chances to bundle in the first place, perhaps dampening competition for such enticements.

One industry official in Florida said companies were already working so hard to keep down costs in a high-risk state that there was less wiggle room. Pause here for nodding agreement or laughter, as you see fit.

So yes, bundling is worth asking about. Just don’t expect nation-leading savings in Florida.

Smallest discount for bundling car and home insurance

1. Florida7.3 percent

2. Hawaii — 11.15 percent

3. New York — 11.18 percent

4. New Jersey — 11.20 percent

5. Virginia — 11.83 percent

Source:  InsuranceQuotes.com

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