Compare Prices

• Shopping around is one of the simplest ways you can make sure you get the lowest possible rate for your homeowners insurance. Check out prices with at least three different insurance companies before you make a final decision.
  
  

Increase Your Deductible

• The Federal Citizen Information Center suggests increasing your deductible if you want to reduce your homeowners insurance quickly. The deductible is the amount of money a homeowner has to pay an insurance company when they file a claim. The higher your deductible, the less money your homeowner's insurance will cost each month. The majority of homeowners insurance companies suggest having a minimum deductible of $500, but if you raise your deductible to $1,000, you could reduce your monthly payments by 25 percent.
  
  

Buy Multiple Policies From the Same Insurer

• Sometimes buying your home and auto policies from the same insurer can help save between 5 and 15 percent on each premium, according to the Federal Citizen Information Center.
  
  

Improve Your Home's Security

• Improving the security of your home can help lower your homeowners insurance, according to the Federal Citizen Information Center. For example, installing a smoke detector or burglar alarm will usually lower your rate by 5 percent, but some insurers will reduce your rate by as much as 15 percent.
  
  

Don't Smoke

• Some homeowners insurance companies offer premium reductions if no one in a home smokes, according to MSN Money.
  
  

Senior Discounts

• Homeowners insurance companies sometimes offer discounts to homeowners that are over the age of 55 and retired, according to MSN Money. This is because older people tend to stay at home more which means see fires sooner than people that work. In addition, older people spend more time maintaining their home than younger people do.
  
  

Check for Coverage You Don't Need

• Bankrate.com suggests looking for coverage within your policy that you don't need. For example, if you have earthquake coverage on your policy, but you don't live in an area that's prone to earthquakes you should consider eliminating earthquake coverage from your policy.
  
  

Loyalty Discount

• Staying with the same insurance company can lead to a loyalty discount. If you stay with the same insurance company, they may be willing to give you a discount on your insurance premiums, according to the Financial Services Commission of Ontario.