1. It does happen that we sometimes want to renovate our home. Your motivation may not be to reduce your home insurance premium. You just want to make your home fit your taste or ensure everything works like brand new.

Just be informed that you're qualified for a lower premium once you do this. So ensure your agent is informed about it.

New houses and renovated homes will bring you lower premiums always. But remember that the more extensive the renovation is, the more the savings you'll get.

2. Having your premium removed automatically from your account will get you lower rates. If you do NOT know how to do this, ask your banker or agent. This is strongly advised because of its convenience and the fact that it gets you a discount.

3. A normal garage has oils, gas and other liquids that are very inflammable in nature. Therefore, let your garage be located a good distance from your living area and you'll get lower premiums. You can get details of the recommended distance and how much you will get as discount for this from your agent.

4. Considering that the main reason for getting home insurance is to ensure you're properly protected from the risks associated with a home loss or damage, I'll add this even though it's not a benefit of a homeowners' policy: You'd be expected to buy flood insurance at an additional $400 annually if you buy a house in a flood-prone region.

Apart from if you're buying your home cash, be informed that flood insurance will be demanded by every mortgagor if your house is in a flood-prone area. Apart from where you really think the additional expense is a good trade off, you'll spend less if you buy a home in a locality that won't need flood insurance.

5. If you can purchase an umbrella policy and then reduce your home liability coverage you'll save a lot. Why this is so much advised is that it even gives you better coverage for far less.

Remember what the liability part of your home insurance policy caters for: To shield you from losses you could incur because of injuries to people on your property. Furthermore, if a lawsuit results from such an injury, it also takes care of it.

It does all these within a specified limit. That is, you'll have to fend for yourself if the coverage amount is exceeded (Which can happen quite easily these days).

On the other hand, an umbrella insurance policy always offers enough coverage limits that can always cover the craziest lawsuits for very insignificant premium.

6. Folks seem to take more precaution against fire than water damage by not checking their plumbing and upgrading as often as they should. However, reports show that water damage is the most common claim on a homeowner's policy.

Therefore, things that lower your risk of water damage will lower your home insurance premium. Let your agent know if you've improved your plumbing.

7. You can realize savings of hundreds of dollars on your home insurance policy by obtaining and comparing quotes. The best strategy is to visit not less than five quotes sites and making sure that you input the same (correct) details. This provides you a broader basis for doing better comparisons thereby increasing your chances of realizing more savings.