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You dream of a home. Your dream home. How exactly do you get from one to the other? I have tried to organized the facts right here in an easy-to-follow format. I remember what it was like not to know ARMs from amortization or title searches from expense ratios. Breathe easy. I've translated useful information and will walk you through the entire process. Before you know it, you'll be ready to cross the threshold to your very own home.

Making Up Your Mind
Getting Started
Home Shopping
Mortgage Types
When you Find a Home
The Home Stretch
Your Rights as a Consumer

INSURANCE -

Unless you pay cash for your home, your lender may require proof of a homeowner's insurance policy, secured before closing. This policy protects your investment as well as the lender's. Here's a general overview of what homeowner's policies protect against and some ways to save money.

Casualty: The most common hazard insured against is fire damage; however, your policy may cover losses due to other hazards (wind, hail, etc.). Be sure to determine precisely what is and isn't covered. If your home is built in a flood-prone area, you'll need a separate flood policy.

Liability: This protects you against lawsuits resulting from injuries to visitors or guests in your home. The cost for this coverage, to a large degree, is based on the limits (in dollars) of coverage.

Personal Property: While the casualty or hazard insurance covers the rebuilding of the house structure, personal property coverage protects what's inside the home. Coverage varies widely, so be clear on exactly what the limits of your coverage are.

Saving money on homeowners insurance

Homeowners insurance prices can vary significantly. Companies offer several types of discounts, but they don't offer the same discount or the same amount of discount in all states. Ask your insurance agent or company representative about any discounts available to you.

Steps to help you save money on your homeowner's insurance

1. Shop around
Friends, family, the phone book and the Internet are good sources to find homeowners insurers.

Don't consider only price. Look for a fair price and excellent service. Quality service may cost a bit more, but you buy insurance in case you need to make a claim, so talk to a number of insurers to get a feeling for the service they give. Ask what they would do to lower your costs.

Also, check the financial ratings of the companies with AM Best or Standard and Poor's.

2. Deductibles
Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay.

3. You may want to purchase your home and auto policies from the same company
Some companies that sell homeowner's, auto and liability coverage will take a percentage off your premium if you buy two or more policies from them.

4. When you buy a home ...
Consider how much insuring it will cost. A new home's electrical, heating and plumbing systems and overall structure are likely to be in better shape than those of an older house. Insurers may offer you a discount if your house is new.

5. Improve your home security and safety
You can usually get discounts for a smoke detector, burglar alarm or dead-bolt locks. Savings go up for a sophisticated sprinkler system and a fire and burglar alarm that rings at a monitoring facility. Before you buy such a system, find out what your insurer recommends and how much the device would save you on premiums.

6. Be a non-smoker
Smoking accounts for more than 23,000 residential fires a year. Some insurers will reduce premiums if all the residents in a house don't smoke.

7. Try to get group coverage
Alumni and business associations often offer a discount for association members. Ask your association's director if an insurer is offering a discount on homeowner's insurance to members.

8. Stay with an insurer
If you stick with your insurer, you may receive special consideration. Several insurers will reduce their premiums if you stay with them for three to five years.

9. Compare your policy limits to the value of your possessions annually
You want your policy to cover any major purchases or additions to your home, but you don't want to spend money for coverage you don't need.

10. Compare public vs. private insurance programs
If you live in an area especially vulnerable to coastal storms, fires or crime and are planning to buy homeowner's insurance through a government plan, check to see if you can buy insurance at a lower price in the private market.

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