With the ongoing credit crunch affecting house prices and mortgage rates, many are feeling the squeeze on their personal finances.

More borrowers are now opting for some kind of loan in order to make ends meet. But even with such measures, homeowners face uncertain times when it comes to budgeting finances.

One of the main areas that are essential to owning a property of our own is some kind of house insurance cover. And there are a few simple measures you can take in order to ensure you're getting the right cover at the right price:

• Consider the cost of insuring your property with regards to factors such as age of the property and the risk from elemental factors such as storm and flood damage. Some home insurance policies will not include flood cover in the policy, and you may be required to pay a little extra should you wish to cover against certain aspects.
• Remember that you are insuring the property itself and not the land it's built upon. When shopping for the cheapest cover, don't include the land value of the property, lest you could find yourself paying a lot more on your premium.
• Shop around for the best deals on cheap home insurance. With a wide range of providers offering a multitude of plans and coverage the choice can seem endless. Try and select providers who have positive reviews on services and a good overall reputation.
• It's always best to compare a few deals and not just rush into the first deal you come across - as financial situations and the economic climate is prone to change.
• Consider purchasing several policies with the same company but for different things - such as your house insurance alongside your car insurance. Some providers may offer discounts if you purchase multiple policies from them.
• Invest in some home security - such as burglar alarms, smoke detectors and dead-bolt locks - any added security features could work in your favour when it comes to finding home insurance, as some providers can offer discounts on your cover should you take such steps to improve security.
• It's always best to double check with the insurers you're thinking of using and find out if such a discount will apply to your policy should you purchase additional security equipment.

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