Saving on your homeowner's insurance

My estate, insured to the max.

I recently discovered that I was paying an extra premium to insure "outdwellings" on my vast estate. That's fun, because I don't actually have any outdwellings, unless you count the compost bin -- can you imagine putting that in a claim? -- or my Crazy Lab, who dwells out there, just lying in the snow watching the trees.

So I perked up when I saw this article on how to save money on insurance. A lot of these tips cost money, but if you're doing it anyway, why not check to see if the company will give you a break? And I found reading through them that they are a good checklist for safety risks in your home.

Here are a few:

New Wiring: Save Money and Lives. The math is simple: house + old wires = fires. According to the U.S. Fire Administration, in a typical year, home electrical problems result in 67,800 home fires, 485 deaths and $868 million in property losses, according to a 2006 report. The USFA estimates that home wiring causes twice as many fires as electrical appliances.

New Ratings Models: This Year's Could Cost Less. Home insurance is a changeable business, in large part because real estate is a dynamic market. Actuarial experts crunch the numbers as neighborhood values rise and fall and construction costs ebb and flow in order to develop models that help insurance companies manage their risk. Since your homeowners insurance rate naturally flows from these models, it follows that rates can change as well -- sometimes in your favor. In some cases, new models are used to establish lower rates to attract new customers.

New Home or Renovation: Have Fewer Safety Risks. n auto insurance, a new car will usually cost more to insure than an older model. In home insurance, however, the savings often goes to the new house or one that has been recently renovated. The reason? New pipes don't leak, new furnaces don't malfunction, new electrical panels and wiring don't cause fires, and new roofs, chimneys and foundations don't lead to costly claims.

More at the link.