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Homeowners in the UK and abroad are mindful of rising homeowner insurance premiums. Whether a first time home owner or a seasoned property owner, each could benefit by these money saving tips. Saving money on the insurance, allows more money to be available for owners to make needed routine maintenance upgrades and other remodeling projects. Here are some suggested tips that will save money for homeowners:

1) Find the best insurance that meets your specific needs:
* No bundling of coverage's that are not needed
* No late fees charged if over the renewal period
* No temporary or teaser introductory rates

2) Know exactly the square footage of the structure that you are insuring. This can be found on the home appraisal record, the plat, or the taxation record.

3) Based on a property's square footage and the price of home building materials, make a rough estimate of what it would cost to rebuild that same structure at today's prices, including labor and time...(this determines how much insurance coverage is needed)

4) Do not buy more options to your policy than absolutely necessary. If the property is not located in a flood plain or area prone to tornadoes, then there is no need for a flood or wind insurance rider. They are of little use to the owner, yet generally cost extra.

5) Ensure that separate storage buildings, porches, or patios are not included in the square footage. Some insurers include these, and then charge extra fees while others do not. Awareness is the key.

6) In older homes with major upgrades to the infrastructure, (heating/cooling system, plumbing, new roof, new replacement windows), be sure to include this added value to the estimate.

7) Avoid companies that charge a fee for policy renewals or changes. Today, with electronic connectivity; a personal agent no longer must make your upgrades or changes to a policy.

8) Find insurance providers that are electronic and that allows owners to make adjustments to policies on line. On line companies are time and money savers to homeowners.

9) Find insurance companies that provide incentives for good, routine property maintenance such as upgrades to energy efficiency, security, fire, and multiple properties.

10) Find an insurance company that is organized as a reciprocal company if possible. The rates tend to be better and they can offer more to the owner.

These suggested tips allow homeowners a chance to find and obtain the best possible insurance coverage for their real estate investment. Insurance should be sufficient in value to allow the homeowner to rebuild should they unfortunately loose their investment due to calamity; however it should not leave the homeowner deficient of funds to enjoy their home.

Learn more about this author, K.D. Saffron.
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