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How to Prevent the 10 Most Common Money Mistakes

Odds are the premium on your homeowner’s insurance is too high. In a recent survey by insurance provider ACE Private Risk Services, 78 percent of independent insurance agents said homeowners are overpaying for their house insurance.  Hike your deductible. By raising the amount you pay in the event of a mishap, you let the insurer off the hook for part of the cost, and he or she can in turn lower your premium. “If a home is insured for $1 million and the owner who pays a $500 deductible raises th

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Overpaying for Home Insurance

Odds are the premium on your homeowner’s insurance is too high. In a recent survey by insurance provider ACE Private Risk Services, 78 percent of independent insurance agents said homeowners are overpaying for their house insurance.

What to do: Hike your deductible. By raising the amount you pay in the event of a mishap, you let the insurer off the hook for part of the cost and, in turn, lower your premium. “If a home is insured for $1 million and the owner who pays a $500 deductible raises that to $2,500, they can save $900 a year in premium savings,” said David Spencer, vice president of ACE private risk services.

Photo: Peter Dazely | Photographer's Choice | Getty Images