There is no doubt about the fact that insurance premiums are on the rise. They have risen so high, in fact; that many people simply feel they can't afford them. Of course, considering the fact that insurance is generally required for your home and vehicle if you are still paying on a loan for these items, you can really find yourself in a Catch 22 situation. The good news is that will a little work there are a few techniques you can use to actually lower the cost of your insurance premiums.

In terms of your homeowners insurance, always try to shop around whenever possible to get the best deal. Provide all the pertinent information including a description of your home, the type of basic as well as additional coverage you need and find out what is available in terms of rates for different companies.

Another way to save on your homeowners insurance is to make sure that you keep your home in tip top shape, thereby reducing the need for losses and claims. You can do this by replacing any wiring that is old and informing your insurance company, insuring your roof is in good condition and using anti-theft and safety devices on your home.

In addition, discounts may be available if your home is newly constructed as well as if you install a monitored security system. This type of discount can amount up to 15% in some cases. Some carriers also offer what is known as a loyalty discount for customers who have been with them for several years.

By raising your deductible, you can also usually reduce your premiums. Even a $250 jump in your deductible could cut your premium by as much as 15%. Raise it even more and you could be looking at a 25% savings on your deductible.

By combining your auto and home insurance and purchasing it from the same company you also could be able to obtain anywhere from a 5-15% discount. Between the two policies that could amount to major savings.

Don't forget to look at your insurance policies and determine exactly how much you need. It's quite possible that you could be over-insured and may not need as much insurance as you think.

One factor many people are not aware of is that their land is typically included in the market value of their home, the often used to determine the amount of your homeowner's policy. In reality, the value of your land should not be included in your insurance policy except under very special circumstances. If you can cut it, do so and you'll save on the premiums.

Try to avoid small incidental claims whenever possible because they can drive up both the cost of your home insurance premiums as well as car insurance premiums. If it is a small loss and you can do without having it repaired for awhile or pay for it on your own without filing a claim on your insurance policy, then do it. The more claims you file, no matter how small, can often increase your premium amounts.