There are fewer ways to cut the cost of insurance your homeowner's insurance than your automobile insurance. Two, of course, are steps we've mentioned in previous columns:

1) Increase your deductible.  Decide that you'll pay for small losses out of pocket and raise your deductible - perhaps from $500 to $1,000. This could cut your annual premium by as much as 15%.

2) Be a groupie. Insure your car, house and life through your employer. Or, if these benefits are not part of your company's package, then make certain you have all of your insurance policies with the same company. Again, you may save up to 15% by doing so.

Specific homeowner's savings...

Install security. Smoke detectors, burglar alarms and deadlock bolts are real plusses. They may save you between 5% and 10%. Add a fire and burglar alarm that's connected to a third-party monitoring serve and you will boost your savings by another 5% to 15%.

Don't smoke. Some insurance companies offer discounts for non-smoking households.

Speak up if you have something new. Brand new homes as well as those five to ten years old usually mean cheaper premiums. But even if you have an older house, let your insurance company know if it's wiring, plumbing and heating systems have been installed within the past five to ten years.

Tell your age. Homeowners over age 55 are often eligible for impressive discounts.

Insure only your home. Your house is what's covered by homeowner's insurance, not your entire property. So consider only the value of your actual house when deciding on the amount of your coverage.

Think about your dog. Insurers often charge more if you own a more aggressive breed, such as rottweilers, pit bulls and German shepherds. Or, they may require you to carry pricier umbrella coverage.

Skip floaters you no longer need. If you donated your fabulous fur to a charity, gave your daughter your Sheffield tea set or handed over your coin collection to your nephew, cancel your floater.

Note: A floater is an attachment to a homeowner's policy that insures expensive jewelry, furs, art work, collectibles, antiques, musical instruments, computers, fax machines and the like.

For Further Information

For a copy of "Insurance Basics" and other free publications, check the Insurance Information Institute's website at: http://www.iii.org/.

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