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There are a number of ways to lower your home insurance. Here are some things to think about:

  1. Shop around.
    Check with a number of different companies and compare quotes. Ask your friends and family what they think of their insurers.

  2. Consider higher deductibles.
    A deductible is the amount of money you will have to pay before your insurance company starts chipping in. The higher your deductible, the lower premium you will pay each month. Increasing your deductible to $500 can save you up to 12 percent on your premiums.
    Select a premium you can afford, then immediately put aside that money in a savings account.

  3. Purchase your auto and home insurance from the same company.
    Most companies will give you a discount for purchasing multiple policies with them.

  4. When buying, think about insurance.
    When purchasing a home, think about the insurance rates you can expect to pay. Newer homes will be in a better condition, and so your premiums will most likely be lower.
    Also consider your location and what kind of natural dangers could potential affect you. Make sure you are adequately covered.

  5. Don't insure your land.
    While your home and its contents are at risk from disasters, the land they sit on is not. Do not include the value of your land in calculating how much insurance you need.

  6. Improve security.
    Deadbolts, alarms, and smoke detectors will often make you eligible for discounts of 5% per item, depending on the insurance company. There may be a significant discount for an advanced home-security system. Check with your insurance company to find out which security systems qualify for the discount.

  7. Don't smoke.
    Some insurance companies will offer a discount if no one in the home smokes due to the number of fires caused by cigarettes.

  8. Group insurance and corporate discounts.
    You may be eligible for savings for belonging to a trade or professional association, or through your employment benefits package.

  9. Find out about senior discounts.
    People over 55 that are retired can qualify for up to 10% savings on premiums. This is because insurance companies have found that people staying at home can spot fires sooner than working people. They also have more time to maintain their homes.

  10. Stay with your insurer.
    Keeping coverage with one company for a number of years can make you eligible for special discounts. Some insurers will reduce your premiums by 5% after three to five years, and as much as 10% after six years.

  11. Review your policy every year.
    Your policy should reflect the value of your home and belongings. If you just sold or acquired valuable items, you need to make sure that your policy covers the higher amount, or you can reduce the policy to save money.
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