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Saving on home insurance

June 4, 2010 - When moving into a new house, it's essential that consumers review their home insurance policy.

Home insurance rates are sure to change when relocating to a new area. If a consumer is worried about costs rising, there are certain things that can be done to bring them back down.

The first thing a homeowner can do is raise their deductible, financial website Bankrate.com said. By doing this, the premium payment may drop by as much as 25 percent. Making home improvements can also lower insurance costs. Updating heating systems or installing an alarm system can save a person between 5 percent and 15 percent.

Bundling multiple insurance policies - like home and auto - with one carrier may also lead to lower rates, the financial website said. Credit history also contributes significantly to the price on the policy offered. Farmers Insurance Group agent Erich Held told Bankrate.com that "it's safe to say that people who have a better credit rating overall end up receiving a better insurance score."

A number of factors can contribute to a personal home insurance rate. Comparison shopping online is a convenient way to find out what the best policy can be.

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