Due to the recent spate of flooding in Australia, many homeowners are seeing their flood insurance premiums increase. Although your premiums may increase, there are things you can do to keep your monthly costs a bit lower. Here are four money-saving ideas to explore:

1. Consider moving or choosing a new home

If you are just thinking about buying a home in a flood plain, call and get an insurance quote first. If it is way too expensive, start looking at other properties. If you live in a home where the flood insurance rates have become too expensive to pay, crunch the numbers to see if it makes sense to move to another house.

Even if the home is more expensive, the savings you get by not having to pay for flood insurance may offset the extra mortgage expense.

2. Engage in flood-proofing strategies

When you lower your potential for making a claim, your insurer is usually willing to offer you a discount on your premiums. For example, you typically get a discount on your car insurance if you take a driving class that makes you a safer driver and thus less likely to crash and make a claim.

Some of the flood-proof strategies you may want to consider including raising your home, sealing your doors so water cannot penetrate them or putting exit-only or no-return valves on your plumbing pipes so water can leave but cannot enter your home through them. Talk to your insurer about what strategies garner you the biggest discounts.

3. Take steps to reduce potential damage from flooding

In some cases, water may get into your home despite your flood-proofing techniques. To ensure the water does as little damage as possible, take some steps now. Replace chipboard with plastic or stainless steel, replace carpet or wood floors with polished concrete, and raise your electronics (outlets, light switches, etc.) to a higher level.

All of this reduces the amount of damage a flood may cause. As a result, if you have to make a claim, it should be lower than it would be if you left your home as it is. Because of your efforts, your insurer may offer you lower premiums.

4. Pay ahead and bundle your insurance coverage

Many of the tips designed to help you save money on your car or homeowner's insurance can also be used to help you save money on your flood insurance coverage. For example, if you pay for six months or a year in advance, it may be cheaper than paying on a monthly basis.

Similarly, if you get your flood insurance through the same insurer you have your car or home insurance through, you may get a multiple policy discount. For more information, contact a company like Ian Hewitt & Associates.