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Several ways to cut home insurance costsPosted On Wed, June 9, 2010
Homeowners insurance can cost many consumers a lot of money each month, but they may not be aware that there are a number of ways to save on those payments.
According to the financial website Bankrate, home insurance can cost more than $1,000 a year, but there are several ways to cut into that cost. For example, the site recommends homeowners voluntarily raise their deductible. By simply doubling a $500 deductible, they can save up to 25 percent on their premium.
The site also recommends making improvements that would increase the home's value, like a new roof, heating system, or plumbing, which can lower the policy's premiums by 5 to 15 percent. Even putting a fence around a pool or trampoline can lower these rates.
It is also important, the site said, for homeowners to regularly review their policy to ensure it contains accurate information about the home and the municipality in which it's located. If, for example, a town adds new fire protection, the policy's premium could drop as much as 60 percent.
State Farm and Allstate, two of the nation's largest home insurers, are raising insurance rates in several states this week, including Pennsylvania and Texas.
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