Home prices have risen dramatically over the past few years, and consequently so have homeowners insurance rates. So how can you get cheap homeowners insurance in today's market? Here's how

 

Comparison Shop Online

Homeowners insurance rates can vary as much as $1,000 or more from one company to another, so the first thing you need to do is fire up the old computer and visit an insurance comparison website to check out rates from various companies.

Some of the better sites have an "Articles" section where you can can get tips and advice on choosing insurance, and some even have an online chat service where you can get answers to your insurance questions from an expert. (See link below).

Increase Your Deductible

A homeowners insurance deductible is the amount you pay toward a claim before your insurance kicks in. The higher your deductible, the lower your premium.

Raising your deductible from $500 to $1,000 can save you 25% on your insurance rates. Another advantage to raising your deductible is it prevents you from making a lot of small claims which can cause your insurance company to cancel your insurance.

Bundle Your Insurance

Some insurance companies will give you a 5% to 15% discount if you insure your home and your car with them. Just make sure that the combined price for your homeowners and car insurance is less than you would pay if you bought them from different companies.

Add Safety and Security Devices

Most homeowners insurance companies will cut your premium by 5% to 20% if you install smoke alarms, burglar alarms, dead bolts on your doors, and sprinkler systems. Not only will you save on your premium, you'll gain peace of mind knowing you and your family are protected.