In this tight economy, consumers are looking for every cost-cutting measure they can find, including trimming down the cost of their homeowner’s insurance, the possibilities to get a real estate refinance, profitable home loans etc. Of course, you may choose the way of  refusing some "unnecessary" things, like a new car or a travel insurance during your vacations. But the smarter way is just to save money, where's possible without canceling the joy of life. Consider the following ways to trim expenses while maintaining effective insurance coverage. Real estate agents will never give you such information, so be attentive. Firstly, go for a higher deductible. – a typical deductible on a home insurance policy starts at $250. The more you are willing to raise that level, the more you will save on premiums. The balancing act is to raise the deductible only to what you can afford in the event of an incident. Going as high as $5,000 can knock your premium down more than 35%, but if you don’t have 5K to spare, the lower rate really isn’t doing you any good. The same things refers to home mortgage insurance.

Secondly, don’t insure dirt. When calculating the value of your home, don’t include the value of the land. It’s not going to burn down, be stolen, or suffer wind damage. You want insurance on the house and its contents only. This will made your real estate insurance two or even three cheaper.

The safer you are, the less you pay. Most policy holders do not realize they can lop off as much as 5% each for deadbolts, smoke detectors, and burglar alarms. Get a really sophisticated home security system and you could save as much as 20 percent. (Most insurance companies will recommend a particular security company, so check with your agent first to earn the maximum discount.)