For save on home insurance # Look for senior discounts

Retired people stay at home more and spot fires sooner than working people. Older people also have more time for maintaining their homes. If you're at least 55 years old and retired, you could qualify for as much as a 10 percent discount. But it really depends on the insurer and some companies don't offer the discount, adds Barry.

For save on home insurance # Stop smoking

Smoking accidents account for almost 23,000 residential fires every year, according to III. Some insurers offer to reduce premiums if no one in the home smokes.

For save on home insurance # Improve security and safety

Items such as dead bolt locks, burglar alarms and smoke detectors can usually bring discounts of 5 percent each, depending on the company. Your insurance company may also offer a significant discount of 15 or 20 percent if you install a sophisticated home-security system. If you're thinking about buying such a system, check with your insurer to see which systems qualify for a discount.

For save on home insurance # not the land

While your home and its contents are at risk from fire, theft, windstorms and other perils, the ground your home sits on is not. Don't include the value of the land when deciding how much home insurance you need to buy in order to rebuild your house. Your agent can help you assess the right coverage level.

For save on home insurance # Consider insurance

Consider insurance when buying a home
If you're looking at buying a home, think about the cost of it. A newer home's electrical, heating and plumbing systems and overall structure are likely to be in better condition than those of an older home. This can lead to lower premiums.

For save on home insurance # Buy from the same company

Buy your home and auto policies from the same company

Many companies will give a multiline discount if you buy both home insurance and auto coverage from them. It's one of the more significant discounts you can garner, says Michael Barry, spokesperon for the III.

For save on home insurance # Raise your deductible

Raise your deductible

The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. Typically, home insurance deductibles start at $250. The Insurance Information Institute (III) estimates that if you increase your deductible to $500, you can save up to 12 percent on your premiums. Increase it to $1,000 and save up to 24 percent. But make sure you can afford to pay the higher deductible out of pocket if something should happen.