Saving money on home owners insurance can be done by either purchasing a new policy or making changes to your existing policy. However, there are many factors to consider, and even more options. To save money on the cost of home owners insurance, you need to understand these options, especially since they vary from insurer to insurer. Follow these tips to save as much as you can.

1. Change the Deductible
The premium you pay will decrease when the deductible you pay is increased. The deductible is the portion of the risk that you pay when a claim is made on your policy. The standard deductible is roughly $1,000, but can be increased, depending on your out-of-pocket expense limit.

2. Bundle Your Policies
Insurers that provide homeowners insurance offer many types of discounts, if you qualify. One big discount is provided if you have more than one policy with your insurer. This is called a multi-policy discount and can save you up to 20 percent on your policy!

3. Security Upgrades
Discounts are provided to you if you beef up on security options. These include the use of an alarm system, a smoke detector, a fire extinguisher and deadbolt locks. Add these to your home to decrease your premium. These will pay for themselves!

4. Group Discount
Ask your insurer if they offer a group discount for belonging to a credit union, an alumni association or another type of group. Look to see if there is a group you can join to have this discount included on your policy.

5. Manage Your Credit Report
Many insurers use your credit score as a factor in determining your premium. Obtain a copy of your credit report and verify that it does not contain any mistakes or errors. Insurers can penalize you for having a low credit score, even if it’s incorrect! If you have an excellent credit score, your insurer may provide an additional discount.

6. Staying Power
Keep your policy with the same insurer year after year. This can earn you a discount at the time of policy renewal, which can can range from 5 to 10 percent, but will ultimately depend on how long you have had your policy with your insurer, if you pay bills on time, if your credit score is up to par, etc.

7. Reduce Claim Frequency
The purpose of insurance is to pay claims. However, if you make multiple claims on your homeowners policy, the premium can increase, because doing so may move you into a high-risk category. In other words, if you’ve had lots of incidents in the past, you’re just as likely to in the future. Determine the cost of the repair before making a claim. You might be able to afford them otherwise.

8. Shop Around
Obtain a quote from multiple insurers. Compare the coverages provided on the quote with the premium. However, do not base your decision on price alone. You need to compare the quality of service to the cost of the premium before making a purchase. Ask you friends, family and co-workers who they go to, and what they’ve heard of the others out there. Usually, local companies are safer bets than large, national corporations (with better customer service too).

Tyler George loves music, home improvement projects, and writes for creditreport.org.