Insurance – be it homeowner's, renter's, auto, life, or health – is one of the necessities in life that we don't want to skimp on, lest we find ourselves in the predicament of not being able to replace cherished items, rebuild a home, pay for damages or injury, or repair a car. But that doesn't mean that we can't look for a good deal when purchasing insurance coverage.

The first step in finding an affordable insurance policy that won't break the bank is to work with an independent insurance agency that has relationships with many different insurance carriers. By comparing different rates against your insurance needs, an independent agent will be able to find the carrier and policy that is the best fit for your needs at the most competitive rate available. And once you've partnered with that agency, there are a few more steps you can take to keep your costs down.

1)Increase your deductible. Sure, a larger deductible means that you'll be responsible for a greater share of the costs if you should be in the position of having to make an insurance claim, but you must weigh the likelihood of making such a claim against the rates that you are paying. If you consider yourself relatively low risk for having to file a claim for loss or damages, increase your deductible and you'll see your insurance rates lowered accordingly. Opt for the highest deductible you can reasonably afford. Hopefully you'll never have to pay it.

2)Add security features. Insurance carriers look at the other forms of protection that you have invested in to deter a calamity such as theft or burglary. By investing in a home or auto security system – and providing proof of such an investment to your insurance carrier – your rates will decrease because the carrier will see you as a lower-risk client than someone who has taken no such preventative measures.

3)Ask your agent about discounts. A savvy agent knows how to leverage group discounts to benefit his or her clients. Ask whether you might be eligible for any such discounts due to your profession or your membership in certain organizations and you may see your rates drop.

4)Keep an eye on your credit score. As with home or car payments, a good credit score can also be a factor in reducing your insurance payments. Keeping an excellent credit standing might mean the difference between a higher rate and a drop in your insurance costs.

5)Purchase the right amount of insurance. Being over-insured for your needs is a sure way to lose money. Talk with your trusted insurance agent about the true scope of your insurance needs and buy coverage accordingly. Try to avoid any unnecessary protection that doesn't benefit you, should you need to file a claim.

As always, it goes without saying that trusting your partnership with your insurance agency can help bring you peace of mind as well as ensuring you have the best rates for your personal situation. Have an honest conversation with your agent about how to best reduce your insurance payments while maintaining the amount of coverage that you need to protect yourself and your investments.

For more information from the experts over at G&N Insurance, visit www.insurewithgn.com.