1. Consolidate Your Policies

Placing your homeowners insurance and car insurance with the same company can save you up to 15% on your yearly premium. Plus, you get the added benefit of having to deal with only one company.

2. Raise Your Deductible

The higher your deductible, the lower your premium. Most homeowners have a $500 deductible, but if they raised it to $1,000 they could save up to 20% on their yearly premiums. Over the years this can add up to significant savings.

3. Only Insure Your Home

You homeowners insurance coverage should not be based on the assessed value of your home because that includes the value of your land. You only need to insure your home, not your land.

To find out what your home is worth, call a local builder and ask him or her what construction costs per square foot are in your area. Multiply that number by your home's square footage to find the amount of homeowners coverage you need.

4. Add Safety and Security Features

Most insurance companies will give you a discount if you install safety and security devices such as dead bolts, window locks, burglar alarms, smoke detectors, sprinkler systems, and fire extinguishers. Additionally, you'll make your home a much safer place to live.

5. Ask for Discounts

Homeowners insurance companies offer a variety of discounts you may not be aware of, so ask your agent what discounts are available. Some of these discounts include non-smoker's discounts, senior's discounts, military service discounts, law officer's discounts, and single parent discounts.

6. Shop for Cheaper Rates

The price difference between companies for the exact same homeowners insurance can vary as much as $1,000 or more, so it pays to compare rates from different companies.

The easiest way to get rate comparisons is to go to an insurance comparison website where you'll get rates from A-rated companies. The better companies have an online chat feature and a toll-free telephone number where you can get answers to all your insurance questions. (See link below.)

BRIAN STEVENS