Save on Homeowners Insurance

It's easy to start saving money on your home insurance. We've taken the time to review our top ten list on how you can save money on your homeowners coverage.

1. Raise Your Deductible

Your deductable is the amount of money you will have to pay in an insurance claim before the home insurance company will pay for any of your loss. For instance, if you have a $500 deductable and you have damage to your home of $2,000, you will need to pay $500 worth of the repair before your insurance company will pay for the remaining $1,500. If you increase the amount of your deductable, your premiums may be decreased. However, in the event of a claim, you will need to pay the amount of the deductable before you can collect any funds from the insurance company.

Many insurance companies recommend a deductible of the minimal of $500. If you can afford to raise your deductible to $1,000, you could save up to 25 per cent on your home insurance premiums.

Depending on the location of your home, you may have separate deductibles for certain kinds of damage. If you live in an area that frequently experiences hail or wind damage, you may have a separate deductible for these types of damage. If you life in an area that is prone to earthquakes, you may have a separate policy for this as well.

2. Rebuilding costs can be less than the value of your home

The value of your land and the value of your home are separate. If your home is destroyed or severely damaged and needs to be rebuilt, you will only be paying for the structure. In addition, the land your home is on is not at risk of theft, windstorm, fire or other disasters. Therefore, don't include the value of your land when requesting your home insurance quotes or you will end up playing a higher premium than you should.

3. Bundle your home, auto and possibly other policies with the same insurer

Find out if your homeowners insurance agent also offers auto, health and life insurance. Many insurers will offer discounts if you purchase more than one policy with them. You could save as much as 15 per cent on your insurance premiums.

4. Make disaster resistant improvements to your home

Talk to your insurance agent about the any damage resistant improvements you can make to your home that will save you money on your premiums. For instance, you could make your home more resistant to windstorms and other natural disasters by adding storm shutters, reinforced roofing and stronger doors. Older homes can be retrofitted to make them better able to withstand earthquakes, violent storms and tornados.  You can also update your heating, plumbing and electrical systems to reduce the risk of fire and water damage. These improvements can benefit you in at least three ways. You could save you money on your homeowners insurance premiums, you may add value to your home and you can have peace of mind knowing that your home is safer by preventing possible damage.

5. Increase your security

There are a few things you can do that are fairly simple and inexpensive. You can usually save at least 5 percent just for having a smoke detector, dead-bolt locks or a burglar alarm. To save more, you can look into more elaborate security systems. If you installed sophisticated sprinklers systems or fire and burglar alarms that contact the fire or police station automatically, you could save up to 15 or 20 per cent on your premiums. However, these systems are typically expensive. Make sure you do some research before you consider installing these more complex systems. Contact your insurance agent to get recommendations and to find out how much of a savings you would receive. Also, get a cost estimate on the device you are interested in.

6. Maintain a good credit record

Insurers are factoring in credit records more and more when creating insurance policies for their clients. Establishing and maintaining a solid credit history can reduce your homeowners insurance costs. To ensure you have a good credit standing, make sure you pay your bills on time, don't get more credit than you need and keep the balances that you do have as low as possible. Check your credit record on a regularly and make certain that any errors are corrected promptly so that your credit record remains accurate.

7. Review your possessions occasionally

If you purchase homeowners insurance that covers the belongings in your home, you will want to review you possession occasionally. When you make a large purchase, such as a new television or jewelry, you will want to add these items to your policy. In addition, you will want to think about the depreciation of your existing items. Chances are electronic and technological equipment or other items may not be worth as much as when they were new. By re-evaluating the value of your items, you can save on your homeowners insurance premiums.

8. If you are in a government plan, look for private insurance

If your homeowners insurance is purchased through a government plan and you live in a high-risk area, such as one that is particularly vulnerable to earthquakes, fires or crime, you should get quotes from private insurance agencies. You may be able to take steps to lower your homeowners insurance premiums.

9. Shop Around for the Best Coverage

The best and easiest way to save on your homeowners insurance is by shopping around to find the most coverage at the lowest possible price. Insure-Net makes comparing insurance quotes quick and easy. All you need to do is fill out one simple form with your basic information and you'll be contacted by up to five of the nation's top insurance agents.

10. Compare the Details.

Insurance agents want to earn your business. Make sure you request clarification if you do not understand the coverage or quotes an agent or company provides you. Each agent or company will want to provide you with the best quotes and coverage. All you have to do is pick which one is right for you. It's that easy to shop and save!

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• Save on Homeowners Insurance