By Jim Donovan

PHILADELPHIA (CBS) — Are you looking to save money on your home insurance premiums?  Well how much risk are you willing to take?  As 3 On Your Side Consumer Reporter Jim Donovan explains, simply boosting your deductible can result in some significant savings.

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When it comes to lowering your home insurance costs, Laura Adams, Senior Analyst with says that one thing is for certain, “Raising your deductible can really save money when it comes to home insurance. If the consumer is willing to take on more risk by raising the deductible, the insurance company is going to reward them by lowering their premium.”

A recent survey by finds that the savings can be considerable.  According to Adams, “We see that across the county raising your deductible from $500 up to $1,000 can save you 6 percent.  If you’re willing to go higher than that, up to $2,000 you can save on average 16 percent on your premium.”

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It all depends on where you live.  For example boosting your deductible from $500 to $1,000 would result in annual premium savings of 8.01 percent in Pennsylvania, 6.56 percent in New Jersey, and 1.81 percent in Delaware.

It’s estimated that only about 5 percent of homeowners ever make an insurance claim. Even so, before making any changes to your deductible you need to also take into consideration how much you have available in savings.  Adams says, “If you raise your deductible up to $1,000 or $2,000 you need to have that much money in savings.  Otherwise you’re going to be caught in a really bad situation if you do need to make a claim and make repairs.”

So what are some other ways to keep your premium rates down?  Bundle your home insurance with your auto insurance and be sure to check for other discounts. For instance having a home security system may knock a few bucks off your premium and many companies will even give you a break if you pay your premiums via auto pay.  But most importantly, don’t file minor claims.  Even a single claim can boost your premium by up to 9 percent.

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