Homeowners’ insurance is one of those things most of us rarely think about. It’s easy to put a policy in place and then forget about it — until it’s too late.

But for most of us, a home is the most valuable thing we will ever own — and it is typically filled with costly possessions. Insurance coverage must address the value of the building — including upgrades — and the worth of our belongings, especially high-value items like jewelry, antiques and other collectibles.

It’s vital to review what your homeowners’ insurance covers, and how much you’re paying for it. Sure, it sounds mundane compared with planning a barbecue, but it can save you a substantial amount of money.

Check out these tips for getting the best deal:

1. Shop around

The internet makes it easy to shop around for insurance. As with anything else, though, you should not necessarily jump at the lowest rate. Do your homework on an insurance company before buying a policy.

2. Raise your deductible

The larger the loss you are willing to absorb before insurance kicks in, the less your insurance will cost month to month. For example, raising your deductible from $500 to $1,000 could slash your premium by 25 percent., according to the Insurance Information Institute. That’s a lot of savings, without taking on a lot of extra risk.

3. Look into discounts on multiple policies

If you insure anything besides your home — such as a car — look into a multi-line discount. That’s a break that some insurance companies will give you if you buy multiple policies, such as homeowners’ and auto insurance, from the same company.

By Nancy Dunham

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