One answer is to find cheaper insurance - but is there such a thing? The answer, fortunately, is - YES.

There are cheap homeowner's insurance companies out there, and they are easy to find on the internet. However, before jumping online and making random price comparisons of insurance policies, it would be best if you learned a few simple tips and tricks that might help you lower the cost of your insurance even before you find one of the cheap companies.

For example, paying your premiums yearly can reduce the cost of your insurance. Paying your premiums every six months or even every three months can reduce the cost of your insurance. At the very least have your monthly premium payment made automatically from your bank account - that will also save you money.

Install motion-sensitive lighting on your property to deter burglars. Also add deadbolts to every outside door and install a lock on every window. Do that and you could save around 5% every single month on your insurance.

You can also save money on your insurance if you upgrade your plumbing and/or electrical system. Obviously there is a cost involved in doing that, so find out from your agent how much you could save on an on-going basis and see if the savings justifies the expense.

Along the same lines, installing a home security system that constantly monitors your home for burglary and fire will not only give you and your family a great deal of peace of mind, but installing such a system can also save you some big bucks on your home insurance premium every month. Not every system out there qualifies for the full reduction in your premiums so talk to your agent about home security systems before you decide on the one you want. If you have a home-based business it's possible you could get a double savings if you install a home security system. Ask your tax advisor if you can claim a tax deduction on a portion of the cost.

Installing smoke, fire and carbon monoxide detectors and mounting a kitchen-rated fire extinguisher in your kitchen should also save you money on a monthly basis. If anyone in your household is 55 or older and retired you should get another discount.

If you are like the majority of homeowners and you have a policy with a $500 deductible then you could save as much as 25% of the cost of your present insurance if you simply doubled your deductible to $1,000.

The final step is to look online for the cheapest insurance companies in your state. Unfortunately, since each price comparison website only compares the prices at a small handful of companies, you will have to fill out the forms on at least 3 different sites if you want to see the prices from virtually every insurance company operating in your state.

As soon as you've finished looking at all of the prices from 3 different sites then all that's left is for you to decide which insurance companies you feel confident with and then choose the best price you found from among those companies.

You are now an expert at finding the best deal on homeowner's insurance in your state.