Here are nine money-saving ideas.

1. Raise your deductible

Raising your insurance deductible, or the amount you pay if you have to file a claim, is a quick way to lower your premium. If you have a $500 deductible, for example, you could save up to 20% by raising it to $1,000, according to Mark Friedlander, a spokesperson for the Insurance Information Institute.

Raising your deductible puts money in your pocket each month that would otherwise go to your insurer. Just make sure you have enough money set aside to cover a larger out-of-pocket expense if you need to file a claim.

2. Improve the security of your home

When it comes to home security, even the basics can save you money.

According to Friedlander, having a smoke detector, burglar alarm, or deadbolt locks on your home can earn you a 5% discount. Going a step further and installing a comprehensive sprinkler system in addition to an actively monitored fire and burglar alarm could save you up to 15% to 20%, he claims.

3. Ignore minor claims

It may be tempting to file a claim with your insurer even when something minor occurs, but you may be better off in the long run if you pay these minor expenses out of pocket. This is due to the fact that some insurers provide discounts if you remain claim-free for a set period of time, usually a few years.

4. Ask about lesser-known discounts

You never know what other savings you might be eligible for unless you check. Some insurance companies provide additional discounts if you:

• There are no smokers living in the house.
• You recently purchased a house.
• Pay your premiums automatically through your bank account.
• Select paperless billing.
• Work in a specific field, such as education, engineering, or firefighting.

5. Plan for home improvements.

If you've made improvements to your home, you may have qualified for homeowners insurance discounts without even realizing it. Adding features like storm shutters and impact-resistant roofing, which make your home more resistant to damage, may result in insurance savings. You could also get a discount if you upgrade your outdated plumbing and electrical systems.

“You can frequently request a new inspection of your home to evaluate these improvements in order to maximize your potential discounts,” says Jessica Hanna, a spokesperson for the American Property Casualty Insurance Association.

Are you worried about inviting someone to your house during the pandemic? Not to worry, Hanna points out that many insurers offer virtual and other socially distant inspection options.

6. Bundle your auto and home insurance policies.

According to the Insurance Information Institute, bundling auto and home insurance with the same company typically saves you 5% to 15% on your homeowners premium. Although it may vary depending on your company, many insurers offer discounts if you purchase multiple types of policies from them.

7. Improve your credit score

It may come as a surprise to you that your credit score can have a significant impact on your home insurance premium. This is due to the fact that in many states, insurance companies can use a credit-based insurance score to determine your rates. If your insurer believes your credit score is too low — for example, a FICO score of less than 630 — you may face higher rates.

If you discover that your credit score is low, carefully review your credit report to identify any errors. You can improve your credit score by doing things like paying your bills on time and reducing your credit card balances.

8. Get rid of high-risk stuff

Even if it's entertaining, having something deemed a "attractive nuisance" by your insurer — such as trampolines, swimming pools, or playground equipment — can raise your homeowners insurance premium. Getting rid of those items could result in significant insurance savings.

9. Shop around

Rates for identical homeowners insurance coverage can vary greatly between companies. According to InsuredCircle research, some homeowners could save $1,000 or more per year by finding the best rate.

Most companies' websites have tools that allow you to enter some basic information and get quick home insurance quotes. Comparing the rates of various companies will allow you to see if you can save money by switching insurers.