Lately, while speaking to friends and family, I've come to the realization that insurance (homeowners, health and car) is consuming a large percentage people's income. Often insurance is 20% or more of a family's money.
Deciding to go without insurance is risky, but I am aware that, for some people, it is their only option. But, there are some ways of reducing your homeowners insurance premiums:
Make sure you are only covering you house for replacement value. Your lot will never blow away or burn down; no need to insure it.
Raise your deductible. Keep a savings account with enough money to cover the amount of the deductible and let that money earn interest for you.
Upgrade your security/protection devices. An alarm system, smoke detectors, deadbolt locks, fire extinguishers and storm shutters can lower your premiums.
Buy a house in a neighborhood with a low crime rate. Also see how close the house is to fire hydrants and the fire station.
Keep your credit clean.
Use the same insurance company for all of your policies.
Stay current. Are you insuring a five year old computer for the purchase price or it's current, devalued price?
Pull out your insurance declarations and start checking your coverage. If there is something you don't understand, don't hesitate to call your company's customer service and ask.