Most homeowners pay too much to insure their houses. They waste money on worthless optional coverage—or worse—stick with the same insurers year after year without checking if lower premiums are available from other companies.

The potential savings from making a switch are dramatic, and you don’t have to sign up with a poorly rated company or get a bare-bones policy to get a better deal. Checkbook finds that some homeowners will save more than $1,500 a year by switching companies.

Yes, shopping for insurance is a bit of a pain, but the potential savings make it well worth your time to request pricing information and evaluate potentially wasteful coverage.

In this episode: How much coverage do you need, and how do insurance companies set their rates? Also, why Checkbook believes insurance companies should be prohibited from using credit scores to set premium prices.

Read Checkbook’s full report on homeowners insurance.