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Insurance spending rose for many Americans last year

Posted On Wed, January 16, 2013

While some people last year were able to score affordable insurance rates by compiling as many insurance quotes as possible, most people spent more on coverage policies in 2012.

According to a recent analysis conducted by Princeton Survey Research Associates International, more than one-third of Americans spent more on insurance. Just 7 percent of consumers wound up spending less than in 2011.

While a certain percentage of consumers indicated their costs grew because of hikes to their premiums, there were a variety of reasons for why they spent more on coverage plans. For example, more than one in 10 said they bought either a new home or car, thus requiring an insurance purchase.

Coverage experts say that steadily rising insurance costs are not inevitable. Driving less often, purchasing a used vehicle, lowering the deductible amount and purchasing an energy-efficient home are some of the ways in which policyholders can reduce their expenses.

Consumers can also reduce their insurance costs by making fewer claims. According to data collected by the Insurance Information Institute, some of the most common homeowners insurance claims were jewelry-related in 2011. Nearly 20 percent of all home insurance claims in that year were related to necklaces, rings and bracelets.

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