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	Breaks on Homeowner Insurance Financial Tip of the Week by Deloitte & Touche OnLine May 10, 1999

A few simple questions can save you money.

See our archive of previous tips on your money, your taxes and your financial plan.

You should review your home insurance annually to see if you're adequately covered, and to see if you can save money on premiums. Here are a few tips:

Shop around. Prices vary, so get at least three quotes on identical policies. Your state insurance department may publish sample premiums that can help you comparison shop. For a list of state regulator's phone numbers, check the Insurance Information Institute's web site or call (212) 669-9200.
Raise your deductible. Deductibles are the amount of money you have to pay toward a loss before your insurance company assumes responsibility. Most policies start with $250 deductibles. If you can afford to pay more in the event of a loss, consider doing so. The annual savings in premiums can be substantial.
Buy your home and auto policies from the same insurer. Many companies will give you a discount if you have multiple policies with them.
Ask about discounts. Many companies offer discounts to non-smokers, seniors, groups and long-time clients. New homes or those equipped with smoke alarms or central security systems may also qualify for a discount.

Get more information on homeowner's insurance in our guide, Insuring against the Unknown.