We're about to buy our first home and need homeowners insurance. Any suggestions for how to find a reputable company?

Get recommendations from friends, says Jeanne Salvatore, senior vice president of public affairs for the Insurance Information Institute. After you have the names of a few companies, check the financial-stability rating of each with Standard & Poor's. And use the tool from the National Association of Insurance Commissioners, which lets you search for licensing information and complaints. Finally, compare both the price and coverage the different insurers offer you.

If you have automobile insurance, be sure to contact that company. If you add homeowners insurance to your coverage, the insurer might offer a discount—we've seen discounts of up to 15 percent if you buy more than one policy from the same company.

Essential information: Read "12 Ways to Lower Your Homeowners Insurance Costs," from the Federal Citizen Information Center of the U.S. General Services Administration.

This Q&A is adapted from the April 2009 issue of the Consumer Reports Money Adviser.