Most lenders will require you to have homeowners insurance before you close on your home. Homeowners insurance, with everything you have to pay for when closing on a house, is just one more thing to add to that list. Anything you can do to keep those costs down will help you out in the long run, starting with homeowners insurance.

1. Shop around – Different companies have different rates. Do your research. Call around. Find the lowest premium for the best coverage options you can find.

2. Escrow your insurance – Although it isn’t mandatory, mortgage companies prefer you do to do it this way. This way they know you have coverage. Including your insurance into escrow means that it’s included as part of your mortgage, meaning that you will only have to pay one bill.

3. Bundle your home and auto – If you have a vehicle, you have to have car insurance. If you to purchase both auto and homeowners insurance, why not purchase both from the same company. You’ll save on both in the long run.

4. Find discounts – Different companies will offer different discounts based on what state you live in. For instance, some companies offer senior discounts for people over 55. Look around on-line to see what deals you can find to fit your budget.

5. Stay with the same insurer – Many insurance companies offer loyalty discounts. You could save up to 5% for being insured by the same company for five years, and up to 10% after being with the same company for ten years or more.

When buying a home, it has to be insured. Not just because its mandatory, but because it will offer you and your family peace of mind should anything happen. As long as you need insurance, you might as well try to save as much as you possibly can.