While almost every homeowner wants to protect his or her home with insurance, almost no one wants to pay more for insurance than is absolutely necessary. Fortunately there are several options available to the budget-conscious homeowner and several ways to find cheap insurance.

Many insurance companies offer a cheap, no-frills home protection policy. The best place to find and to quickly compare the prices offered by these companies is online, but before looking online there are several things you may want to consider which could save you even more money.

A bare-bones homeowner's policy will not cover certain perils that are common to your region. Wind damage along the eastern seaboard, tornado damage in the Midwest, and earthquakes along the west coast will either not be covered at all or only in limited ways. Remember, too, that no basic homeowner's policy covers flood damage. If you are concerned about these types of specific perils then you will need to pay extra, and in many cases will need a separate policy.

However, if all you are after is a cheap policy that will protect you from the majority of problems, those policies are readily available.

Remember, if you pay your premiums yearly you will save money. If you pay your premiums every six months or even quarterly you will still save money. If you pay your premiums monthly but you pay them automatically from your bank account you will still save money. If anyone who is retired is living in your home make certain you tell your agent as that could save you money on a monthly basis.

If you install motion-sensitive lighting around your home and install deadbolt locks on every exterior door on your home and install window locks on every window in your home you can also reduce your monthly premium.

Upgrading your plumbing or electrical system could also save you quite a bit each month. Talk to your agent about your savings ahead of time and see if the cost vs. savings make this option viable for you.

A home protection system can provide your family with peace of mind and such a system can also save you as much as 20% a month on your homeowner's insurance. You'll want to talk to your agent before springing for a system like that, however, because only certain systems qualify for the highest discount. You might be able to increase your savings on a home security system if you have a home-based business. Talk to your tax advisor and see if you would qualify for a tax savings on a portion of the cost.

Increasing your deductible will also save you money. You'll need to consider carefully what the maximum deductible you can afford is, but if you double your deductible from the standard $500 to $1000, you could save up to 25% each and every month.

Knowing what you know now, find 3 different websites that permit you to compare prices for homeowner's insurance from different companies. Be sure you take the extra time to make your comparisons on at least 3 different sites so you can be sure of seeing every possible price that's available to you.

Then simply choose the lowest price from a company you feel comfortable with and you've done it! You've found the very best cheap high risk homeowner's insurance that's available in your state and you've saved a ton of money in the process!