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Real estate owners can lower their insurance rates

January 7, 2010 - Homeowners and renters alike may be paying more than necessary for insurance, experts suggest.

Kevin Wright, an insurance industry consumer advocate in Palm Beach, Florida, told Housing Predictor that "studies show that renters pay as much as 40 percent too much and homeowners pay up to 60 percent more than they have to."

However, market analysts are offering several tips to help residents decrease their insurance costs.

Angie Hicks, who founded consumer report website Angie's List, told ABC News that high deductibles may help individuals who live in low-risk homes keep their monthly payments down.

She also suggests installing a home security system, which could lower premiums by as much as 20 percent.

Home improvement projects may also pay off for customers with home insurance. Some companies offer discounts for stronger roofing materials as well as updated heating, plumbing and electrical systems, all of which can help prevent fire and water damage.

Hicks added that "consumers need to review their policy each and every year," as annual reviews may help customers find new discounts or policies can save them money.

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