If you have a mortgage, you are most likely required to carry homeowners insurance in order to protect your property in the event of damage, theft, or a total loss. While this insurance protection is very important, no one wants to pay more than they they have to for an insurance policy. Consider using the following tips to decrease your homeowners insurance premiums:

Make Sure You Purchase the Right Amount of Coverage

When it comes to homeowners insurance, many people get confused between the value of their property and the actual rebuilding costs. Part of your home's value includes the land that it is on, and in the event that your home is a total loss the rebuilding costs will not include the value of the land. Take a look at your insurance policy and make sure that you are only paying for a policy that equals rebuilding costs and the value of your belongings.

Increase Your Deductible

Like most types of insurance policies, homeowners insurance requires you to pay a deductible for any claims made before the insurance company will start paying the rest of the expenses. You can save a lot of money on your homeowners insurance premiums by increasing your deductible--a good rule of thumb is to make sure that you keep enough money in an emergency fund to cover the cost of the deductible in case you need to make a claim.

Bundle Your Insurance Policies

Insurance companies work hard to gain customers and they often offer nice discounts for people who hold more than one policy with their company. If you have auto insurance with one company, life insurance with another company, and homeowners insurance with a third company, take the time to contact each company to see which one will offer the best deal if you bundle all three policies with their company.

Make Your Home Safer

The safer your home is, the lower your insurance premiums, as the insurance company will likely view it as a lower risk. Consider adding a monitored security system to help prevent theft from break-ins, and think about installing fire sprinklers to minimize damage from a fire breaking out. Updating your electrical and plumbing system may also qualify you for a discount, due to the lower risk of water damage or an electrical fire breaking out. Another way to make your home safer is by adding storm shutters to the windows or replacing your roof with stronger materials that are not as prone to wind or hail damage.

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