The first and most advisable step would be to get necessary information on homeowners or renters insurance from your state’s insurance department. The state insurance department would usually have a list of insurance companies and their respective premiums for homeowners insurance. The information obtained will help you shop around and compare costs and services of various companies.
You are thus able based on the information and details of the costs obtained from the various insurance companies determine which of them offers the most protection at the least possible cost. It is always advisable to go for one with a high deductible, since it would offer a corresponding low annual premium. This however would make economic sense if you have enough cash reserve to pay for the high deductible.
You should consider installing such protective devices as security locks and alarms to deter burglary, fire extinguishers, smoke detectors and other such devices that could prevent or minimize the incidence of fire and burglary. Such inexpensive installations and devices go a long way in influencing and reducing the cost of homeowners insurance. States like New York, Florida, Kansas, Tennessee, Maryland, Washington DC, Pennsylvania, Louisiana and Illinois offer relatively low cost burglary and robbery coverage.
You may want to find out if you are eligible for discounts. There are often discounts for people who have dead-bolt locks on their doors and people who live in apartment buildings with a doorman. Moreover, smoke detectors, fire extinguishers, fire and burglary alarms may attract up to a 20% discount which could significantly reduce the insurance cost.
You may also have to consider bringing all your insurance protections under one company. Some insurance companies will offer as much as a 15% dual policy discount for transferring your renters or homeowners coverage and automobile coverage to them. You should always make necessary enquiries and explore every possible option that may get you a discount. It is always a buyers market and you should take advantage of whatever offers and discounts available in the market.
It is important to note that there are companies that have very exceptional offers. The USAA for example offers home insurance to people on active military service as well as retired officers or anyone who is a dependent of either of the two categories on very generous terms. It may be necessary to consider buying from companies that sell directly to consumers. This helps cut out the burden of an agent’s commission.