We provide this free financial resource to visitors of the Community Room of SeniorSSuperStoreS in an effort to keep baby boomers, seniors and the elderly informed of matters that can affect their lifestyle.

Shop around. Call several companies and compare the costs for the amount of coverage you need.

Volume discounts. Purchase the policy with the same company that handles your car insurance. It could result on a 5 percent to 15 percent discount.

Your deductible. If you can afford it, increase your deductible. This would mean more out-of-pocket costs when a claim is made but a lower premium payment. Consider creating a savings account into which you deposit, each time you make your premium payment, an amount that closely approximates the difference in premium between the lower deductible and the higher deductible premiums. Then, when the balance in that savings account reaches the amount you have chosen as your higher deductible, deposit no more into that account and use your future premium savings for other household budget purposes. If you're lucky enough not to have any claims for awhile (and thus not have to use the money in that savings account) the reinvested earnings in the account may enable you to again reduce your deductible and save even more premiums in the future. After all, this is essentially what the insurance company does with your money!

Premium reduction devices. Many companies offer discounts for properly installed smoke detectors, hurricane shutters and shatter-proof windows, burglar alarm systems or devices, dead bolt locks and indoor sprinkler systems.

Longevity. Some companies offer discounts for long-term customers who have had few claims, only small claims, or no claims.

Review periodically. Review the limits on your coverage and determine if they still match the worth of your current assets. You may have too much coverage for items that you no longer possess or have depreciated in value.