Get at least three quotes from different insurance companies and compare the policies carefully.

Choose a higher deductible. Your deductible is the portion of each covered loss you pay before your insurance company will begin paying for the loss. For example, if you have a $700 bill for having the brickwork on your chimney repaired after a windstorm, and your deductible is $250, you will pay $250 and your insurance company will pay the remaining $450. The higher your deductible, the lower your insurance premiums. When choosing a deductible amount, be sure to consider how much you can afford to pay up front (i.e., your deductible) in the event of an unexpected loss.

Reduce your risks. Many insurance companies offer discounts for safety features such as automatic sprinkler systems, central burglar and fire alarms, dead bolt locks, smoke detectors, and fire extinguishers.

Ask your insurance agent about discounts available. Then, enhance your safety and save money by updating the safety/security items in your home. Communities with Neighborhood Watch programs often have lower insurance rates. Check with your local police department for information on how you can get involved your community’s program.

Ask about multiple policy discounts. Some insurance companies offer a discount if you carry more than one type of policy with the company (e.g., homeowners and auto insurance).

Ask if any other discounts are available. For example, if you are at least 55 years old, or if you have been insured with the same insurer for several years, you may qualify for lower rates.

Insure your house, not the land. It is your house, not your land, that is at risk from the perils covered in your policy. Even if your house were to burn to the ground, the land would still be there, so when deciding how much insurance to buy, don’t figure in the value of the land.

Ask if you are eligible for group coverage, which is sometimes available through alumni associations, employers, and business associations.