Trimming the Cost of Homeowner's Insurance

From state-to-state, homeowner and renter's insurance policies carry different terms, stipulations and discounts. Home insurance markdowns run the gamut in savings. Despite the burgeoning rates of insurance, the following five-simple consumer consumer information tactics and strategies on cutting the cost of insuring your home:

* Consolidate insurance policies.
Bundling different policies with the same insurance agency represents the best discount. Insuring an automobile and home under the same policy can be cost effective. For instance, insurance companies, such as State Farm and Allstate offer discounts ranging between 10 and 20 percent on multiple policy accounts. (Multi-line policies are applicable to home renter's insurance, as well).

* Opt for additional security systems.
Various insurance companies offer discounts on homes with burglar alarms, dead bolts, fire extinguishers and smoke detectors. To save up to 15 percent, contact your insurance agency to determine which security systems, brands, and models, qualify for the discount. Generally, the more elaborate the system, the better the discount.

* Go for the extra safeguards.
Despite the cap on most homeowner insurance policies, premiums can be skimmed with property safeguards. In both a newly erected home or a renovated house, items such as lightening surge protectors, automatic valves (for water and gas) or even living in a gated community may earn up to 25 percent in homeowner insurance concessions.

* Stay loyal and claims-free.
The ultimate savings comes with remaining claims free and not switching insurance providers. Maintaining a homeowner's policy with the same agency can be worth a 1 to 2 percent discount.

* Up the deductible ante.
Deductibles are the dollar amount the insured has to pay out of pocket toward a loss before insurance coverage takes effect. Generally, many deductibles begin at $250. The higher the deductible, the greater the homeowner's insurance policy savings is. For example, a $ 5,000 deductible could save as much as 35 percent or more. Even a $500 deductible is worth at least a 10 percent savings.

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