When was the last time you comparison shopped your homeowner's insurance? Make sure you are taking advantage of all available discounts that may lower your premiums.

If you are a prepared shopper when you start pricing insurance, you are likely to get the coverage that is best for your unique circumstances. As with any other important purchase for yourself or your family, doing your homework will result in greater satisfaction for you and in the case of insurance, better coverage at the lowest possible premium.

You may want to begin shopping for homeowner's insurance with a checklist so that you can compare the discounts offered by different insurance carriers. Among insurers, you may see hundreds of dollars difference in the quoted premiums. Without a checklist or worksheet, it will be more difficult to keep track of the savings being offered by the insurance companies. If you are already working with an insurance company, ask your agent to tell you about discounts that may be available to you.

The first place to look for discounts is with your current auto insurance carrier. Sometimes you can save money when you buy your homeowner's and automobile insurance from the same company. If you buy both policies from the same insurer, the carrier may reduce your overall premiums since it's more cost effective for the insurer.

The duration of your relationship with your current insurance carrier may make further discounts possible. Ask your insurance agent about discounts that apply to maintaining your coverage for multiple years with the same firm. As early as three years into your relationship, you may be able to take advantage of a small discount. For more suggestions about lowering your insurance costs, read the National Association of Insurance CommissionersTips for Saving on Your Homeowners Insurance.

Every safety device installed in your home increases the potential savings you might receive. If your home has smoke detectors on every floor, deadbolts on every external door, burglar alarms or sprinkler systems you may be eligible for additional discounts.

If you are house shopping, pay attention to the building details that will result in discounts. Insurance companies are likely to offer a discount if you buy a newer home with better heating, electrical, and plumbing systems. A newer home's construction may include materials with updated technology that resist fire, for example. A structure made of brick or stone is more fire resistant than a timber structure and this would be reflected in your premium. If possible, avoid buying in areas that are flood prone. And, the closer the fire department is to your home, the lower your premium is likely to be.

Do you smoke? A smoke-free house is less of a risk to the insurance company. We are all aware of the dangers associated with smoking. Have you ever thought about that in addition to the health risks associated with smoking that if we live with smokers we are at risk for residential fires? Some insurers will offer discounts to households where there are no smokers.

Are you a Senior Citizen? Some companies offer up to 10% discounts to households where senior citizens reside. Potentially, retirees over 55 years of age have more time to care for their residences.

Are you home during the day? For those people who are home during the day, there's an increased likelihood that if some problem should occur, they would be present in the home to act on the disaster by calling the fire department or other local authorities.

Ask friends and family about their insurance providers. You may get a referral to an excellent carrier. The Internet is another good source to collect considerable information about insurance without having to spend time on the telephone until you are ready. Build yourself a checklist and compare the coverage from company to company. Remember, you are looking for both a reasonable price and great service. Keep in mind the old adage, "you get what you pay for." The lowest cost policy might also offer the lowest quality service.

You are probably familiar with the expression that there is "power in numbers." That's true of the purchasing power of a large group. If you belong to an association related to a college or university alumni, a business group, or a community organization, find out if that group has already formed a relationship with an insurance carrier that will offer discounts to the members.

Each time you make a claim against your policy, you pay an agreed-upon amount of money, or a deductible, toward replacing your loss. Typically, the higher the deductible you are willing to pay out-of-pocket with each claim, the lower the premium cost. Deductibles usually start at $250 and go up from there depending on your policy, the insurer, and your own circumstances. Take a look at increasing your deductible, but make sure you can still afford the amount specified if you need to file a claim.

When you think about the value of your home, and how much coverage you need, think in terms of the replace value of the house only, not the land. You don't need to insure the land your house sits on. See the Insurance Information Institute article Twelve Ways to Lower Your Homeowners Insurance Costs.

It's a good idea to give your insurance policy and your inventory an annual check-up to review the things that may have changed over the course of the year. You may have purchased an item that should be added to the inventory and may actually require additional coverage based on the set limits provided in your policy. You may have an item that can now be removed from your inventory. Over time, the value of different objects may increase or decrease and those changes should be reflected on your inventory and checked against your coverage. When the time comes to make a claim against your policy, having all of the details up-to-date is likely to ease the claim process.

This article is part of a series about homeowner's insurance. For more information on other facets of insuring your home, search our Knowledge Center Library for related articles.

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