Raise Your Deductible
One of the easiest ways to lower your homeowners insurance rates is to raise your deductible. The more you are willing to pay out of pocket for each claim, the lower your monthly payment will be. For example, if your deductible is currently $500, raising it to $1,000 will lower your premiums. Make sure, however, that you can afford to pay the higher deductible if you have to file a claim.
If you don't have your homeowners and auto insurance from the same companies, get estimates from both about switching. Most companies provide multi-policy discounts that can be as high as 20 to 25 percent.
Shop Around for the Best Deal
Insurers are always looking to add business, so it's fairly easy to get a quote on a new homeowners insurance policy online or by phone. If you do find a better rate, read the fine print to make sure you are getting the same levels of coverage as your old policy.
Some insurance companies offer discounts of anywhere from 5 to 20 percent for home security upgrades, such as installing an alarm system or fire sprinkler system in your home. Check with your insurer to see if it offers such an option.
Look for Special Discounts
If you are a veteran or belong to a union or trade group, check to see if your insurer or another one provides special discounts. You may also qualify for special discounts if you are a senior citizen.