If you own a home, protecting your property is important. Homeowner's insurance covers a variety of situations. Of course, most policies offer some measure of protection in the case of natural disaster. However, there are other situations in which your policy kicks in including break-ins and if an accident occurs on your property. Premiums will vary depending on where you live, the size and value of your home, and also depending on your level of cover. The average annual homeowner's insurance premium is $1,192. If you are looking to save on your annual premium, here are three things to consider.

Compare Policies

One of the best ways to save on your home insurance is simply by comparing policies. Getting multiple quotes and shopping around can mean big savings. The cost of a policy can vary significantly from one insurance company to the next. You can save anywhere from a few hundred dollars to over one thousand dollars each year simply by looking at different policies. Even if you are happy with your current policy, many experts recommend getting quotes every few years to determine whether or not there are potential savings you are missing out on.

Upgrade Your Home

If you were planning on making renovations to your home, you may see savings on your homeowner's insurance policy. Before making any changes, you will want to consider the impact these changes have on your insurance premiums. A new roof for example can save you between 10 and 20 percent on your homeowner's insurance premiums. Anything improvements that increase the safety of your home typically mean savings. However, some additions can mean higher premiums. For example, adding a pool can mean a more expensive homeowner's insurance policy.

Raise Your Deductible

Your deductible is how much you have to pay when you make a claim. There are a lot of reasons why insurance companies charge deductibles. They keep policy holders from making too many small claims. Raising your deductible can make a big difference on your annual premiums. Simply going from a $500 deductible to a $1,000 deductible can mean significantly lower rates. While you will have to pay more when you do make a claim, often the savings on your premiums will make up for this.

If you are looking to save on your homeowner's insurance, there are a few things that you can do. First, shopping around will ensure that you have the most affordable policy. Certain renovations can also mean lower premiums. Another way to save on your premiums is by raising your deductible. 

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