Raise your deductible.

A deductible is the amount of money you have to pay toward a loss before your insurance company starts to pay a claim. The higher your deductible, the more money you save on your premium.

Make your home more disaster-resistant.

Find out from your insurance agent or company representative what you can do to make your home more resistant to windstorms and other disasters. You may be able to save on your premiums by adding storm shutters and shatter-proof glass, reinforcing you roof or buying stronger roofing materials. In addition, consider modernizing your heating, plumbing, and electrical systems to reduce the risk of fire and water damage.

Ask about discounts for home security devices.

You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some companies may cut your premiums by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire, or other monitoring stations.

Seek out other discounts.

Ask your agent or company representative about discounts available to you. For example, if you're at least 55 years old and retired, you may qualify for a discount of up to 10 percent at some companies.

Review policy limits and the value of your possessions annually.

You want your policy to cover any major purchases or additions to your home. But you don't want to spend money for coverage you don't need.