1. Shop around – ask your friends, check the yellow pages, or get an online insurance quote. Once you’ve narrowed it down to two or three companies ask what they can do to lower your costs.
  2. Raise your deductible – Be sure to check for separate policies and deductibles for certain kinds of damage such as hail or wind.
  3. Don’t confuse what you paid for your house with rebuilding costs – Don’t include the price of your lot when deciding how much insurance to get.
  4. Buy your home and auto insurance policies from the same company – Most companies will give a 5-15% discount if you buy two or more policies. Check with your current insurance provider for their policy discounts.
  5. Make your home more disaster resistant – Find out from your insurance agent or company what you can do to make your home more resistant to windstorms or other natural disasters.
  6. Improve your home security – Some companies may give a 5-15% discount for a smoke detector, burglar alarm, or dead-bolt locks.  Once again, check with your insurance company about these discounts before you go out and make an investment in an arsenal of home security items.
  7. Seek out other discounts – Often most insurance companies will provide a discount for retirees, or individuals over 55 years old.
  8. Maintain a good credit record – Insurers are increasingly using credit information to price policies. Be sure to pay your bills on time and keep your credit balances low.
  9. Stay with the same insurer – Sometimes companies will issue a long-term policyholder special discount if you have been a faithful customer with them for ten years or more.
  10. Review the limits in your policy and the value of your possessions at least once a year – You don’t want to spend money for coverage you don’t need. If your 5-year-old $5,000 fur coat is no longer worth the money you paid for it, it might be of interest for you to reduce or cancel that floater on your policy.
  11. Look for private insurance if you are on a government plan – If you live in a high-risk area, areas prone to earthquakes or hurricanes, and you have your insurance through a government plan, consider switching to a private market, you could end up saving money in the long run.
  12. When you’re buying a home, consider the cost of homeowners insurance – Specific conditions near your home may also help to lower your insurance costs. Look for fire hydrants close to your home, or a community that has volunteer fire departments. Be sure to check the age of your electrical, heating, and plumbing systems are less than ten years old, choosing wisely could cut your premiums by 5-15%.