Boost your deductible
Depending on the level of risk you're able to handle, you can save a bundle off your home insurance premiums simply by going with a high-deductible policy. The deductible is the amount of your loss that you'd have to make up out of your own pocket, before the insurance kicks in.
Instead of going with a $500 or $1,000 deductible, homeowners who can afford a big out-of-pocket hit or are willing to gamble that nothing will happen to their home might choose a $10,000 deductible -- and save as much as 35 percent, Morales says.
Though high deductibles are more typical on multimillion-dollar homes, folks in lower tax brackets often will opt for the highest deductible possible.
"Some people who feel they really won't incur any type of loss may decide to carry the maximum deductible to get as much premium savings as possible," says Morales. But have the money to cover the deductible on hand just in case something does go wrong, he advises.