Home insurance costs inching up
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Gas prices are up. Milk prices are too. So it will hardly come as a surprise to hear that, yes, the cost of homeowner’s insurance is also going up, according to the Insurance Information Institute.
The average American homeowner will pay $608 this year to cover his or her dwelling, $17 more than last year. But the good news is that the 2.8% insurance rate increase is the smallest in five years. In 2003, for example, premiums increased by 7.4%.
The trade group said rate increases are slowing because of fewer homeowner claims.
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