Guide to insurance buying

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Homeowners insurance can vary tremendously both in coverage and in price. Select a company based not on price alone, but on service quality. Each company is unique. But, there are a few ways to ensure you get the most for your insurance dollar. Before you buy: Consider homeowner's insurance before you purchase a home to save between 5 and 15 percent. Some insurance providers discount property coverage if your home is close to a fire hydrant or in a professional rather than volunteer fire district. If the electrical, heating and plumbing systems are less than 10 years old, your coverage could be less. If you live in a brick home (for those on the East coast), you're less prone to wind damage. If you live in a wood-framed home (if you live near earthquake faults), you are less prone to quake damage. Flood and earthquake damage protection is not covered in standard homeowner's insurance and could run up to $500 per year depending on the location of your home. Shopping around: Use the competitive, side-by-side benefits at GoApply.com to quickly and easily compare companies, coverage and fees. Other ways to comparison shop are through the yellow pages, consumer guides, your state insurance department or friend and family recommendations. Increase your deductible: Your deductible is the out of pocket expense you pay toward a loss before the insurance company begins coverage. The higher your deductible, the more you are responsible for. Most companies recommend at least a $500 deductible. If you increase your deductible to $500, you may reduce your premium up to 12 percent. Increase it to $1,000, and save up to 25 percent. Ultimately, you could increase your deductible to $5,000 and save up to 37 percent depending on which insurance company you use. This is a chance, obviously, as you will have to pay this fee out of pocket should anything occur. Term life insurance:

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