Many home buyers forget to shop for home insurance until the last minute and end up choosing the first company that comes along.

Well, don't be that buyer! If you're buying a home, make sure you start shopping for homeowners insurance as soon as your offer is accepted.

Here are some tips to help you save money on homeowners insurance:

• Keep tabs on your credit score. Just like with home loans, the better your credit score, the better pricing you'll be able to get for homeowners insurance. By keeping track of it, you can identify any mistakes and fix them before they affect you negatively.
   
• Combine policies. Check with your current car insurance company to see if they offer special pricing when you combine policies. Many companies do offer combined policy discounts.
   
  
• Ask for a discount (if you've been with same insurance company for many years, they want to keep you). Many times companies will agree to lower your premiums if you have been their customer for a while, have never missed a payment and always pay on time. Also, many companies offer discounts for seniors.
   
  
• Insure only what you need to. Sometimes homeowners don't realize they're paying to insure the land where the house is located. However, this isn't really necessary because if something were to happen, like a fire or flood, the land remains unchanged. So, in reality, you only need to insure the actual structure. It's also a good idea to review your policy every once in a while, to make sure you're not overpaying for items that may not be as valuable to you now as they were when you first insured them. (Remember – Flood and earthquake insurance may not be included in a standard homeowner insurance policy).
   
  
• Learn about small home improvements that make your home safer. Simple things like smoke detectors, fire extinguishers and burglar alarms can make your home much safer and cheaper to insure.
• Increase your deductible. Increasing your deductible can also save you some money, if, of course, you have an emergency fund large enough to cover it in case of a disaster.
   
  
• If it's a new home, learn about the safety of the area. Is the home in a flood zone? Your real estate agent has to let you know whether the home you're interested in is located in a flood zone. Also, it's a good idea to research the crime rate and the locations of the closest police department and fire station. All these things mentioned can affect your premiums.
   
  
• If it's for your existing home, let your insurance company know of any changes that may improve the safety of your neighborhood. For example, additional fire hydrants or new storm drains will make your neighborhood safer.

There may be other ways to reduce your homeowners insurance premiums, so contact your insurer and ask them what you can do to save some money. Because of the increased competition among insurance companies, they'll want to make sure they do everything to keep you as a customer.

For more insurance tips and articles, see our "Insurance" category in the list of categories in the right hand column.