NEW YORK (TheStreet) -- Insurance can't compete with granite countertops and cutting-edge media rooms in appealing to new homeowners. But there is little doubt it's more important than other big household costs, and thus deserves more of a homeowner's time in choosing the right policy.

"All homeowners insurance policies are not created equal," says John Zinno, president of Geico Insurance Agency. "Some policies offer different types of protection. Look for a standard policy that can provide broad coverage for damage to your house and any permanent structures on your property. It also covers any damage to your personal property due to causes specified in your policy as well as limited coverage for items like stolen jewelry."

Zinno advises examining your situation before signing off on any policy.

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"Do you live in a single-family home, condo or co-op? Do you rent a home but live somewhere else? These are some of the questions you have to answer to find out what's important to you and what you need to protect," adds Zinno.

It's also beneficial to shop around and plan ahead so your house is secure enough to get price breaks on a policy. Zinno says insurance companies offer discounts for such things as home alarm systems, deadbolt locks on doors, smoke detectors on each floor of your home and a household sprinkler system.

"Your home is an investment that contributes to the security and stability of your family, so it makes perfect sense to protect it," Zinno says. "Having the right homeowners insurance in place allows you to protect those assets without jeopardizing your family's financial security."

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Expect to pay around $1,000 a year. ValuePenguin.compegs the average rate for homeowners insurance at $978, but that varies widely from state to state.

For example, Arizona homeowners pay on average $675, or 31% lower. Florida homeowners, who face hurricanes and flooding on a regular basis, pay $1,933 annually on home insurance, or 97.6% over the national average.

Whatever the cost, make sure to shop among at least three insurance companies, and like Zinno says, personalize your home insurance campaign as much as possible.