The price you pay for your homeowners insurance can vary based on the insurance company you buy your policy from. Here are some things you can do to lower your insurance costs.

Shop Around. Prices vary from company to company, so it pays to shop around. Get at least three price quotes. Don?t shop on price alone. Ask friends and relatives for their recommendations.

Raise Your Deductible. Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim, according to the terms of your policy. The higher your deductible, the more money you can save on your premiums. Most insurance companies recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25 percent.

Improve Home Security. You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to cut your premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations. Not every system qualifies for a discount so before you buy such a system, find out what kind your insurer recommends, how much the device would cost and how much you?d save on premiums.

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