Homeowners could see a drop in their home insurance rates next year when the city installs a new water tower, city officials said Thursday.

The 500,000-gallon water tank planned near Canterbury Lane in east Fayetteville should be bid out by the end of 2009, said David Jurgens, water and wastewater director for the city. As soon as construction begins, the city can ask the Insurance Safety Office to re-evaluate fire protection in town, Jurgens said.

A lower ISO fire rating indicates better fire coverage in the city, reducing home insurance rates for residents.

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