Homeowners often assume that the only way to get more affordable insurance premiums is to skimp on coverage. That can be an uncomfortable thought – especially when they’ve invested so much into their homes.

But the truth is that there are plenty of ways to keep costs down without putting your home and finances at risk. These seven tips can show you how to help lower home insurance costs in a way that keeps you protected.

Shop around for the best rates

Because mortgage lenders require homeowners insurance, most people tend to take out a policy with whichever company their real estate agent recommends. However, the best way to get an affordable policy is to compare quotes from several providers. You’ll find there’s a surprising amount of variety between insurers.

But don’t focus only on your policy’s premium. Doing that could lead you to purchase a lot less coverage, and that sometimes results in homeowners being underinsured.

Instead, start by getting quotes for policies that are as similar as possible. Make sure the coverage amounts, deductibles, and even the exclusions are the same. That way you’ll know you’re making a legitimate comparison. Next, check out the company’s customer reviews, particularly any that discuss filing a claim.

The last step? Check the financial rating of any insurer you’re considering. Cheap home insurance isn’t a deal if your insurance company can’t meet its obligation to pay covered claims.

Increase your deductible

Raising your deductible is one of the easiest ways to save on your homeowners insurance premium. When you file a claim, your deductible is the amount you’re responsible for covering, and it’s typically subtracted from your claim payout. The higher the deductible you choose, the lower your premium will be.

However, you want to take this step with your eyes wide open. You don’t want to take on a higher deductible than you can comfortably spare out of pocket – especially in an emergency where you might have lots of costs. If you’re not sure what deductible amount is appropriate for your financial situation, ask your agent for guidance.

Improve your home’s security

Many insurance providers offer discounts for making your home more secure. That could mean lower home insurance if you install security systems like:

• A centrally monitored security alarm.

• Smoke detectors.

• Dead-bolt locks.

• Water detection devices.

• Fire extinguishers and alarms.

If you don’t already have a security system, ask your provider how much the discount is. The savings may offset the cost of installing the alarm.

While you’re at it, consider improving your home’s resiliency to wind or fire damage. Hardening your home against these risks, and that can often turn into premium savings if you live in an area prone to these perils.

Minimize claims with regular home maintenance

Insurance companies love safe homes, and a good way to reduce your chances at filing a claim is to keep your home in good shape.Trimming trees, checking your sump pump, and replacing cracked shingles are just a few of the regular maintenance jobs that help keep claims at bay.

Bundle your insurance policies

If your home insurance provider also offers another type of policy, say auto insurance, then ask if there’s a discount for bundling the coverages. Most will have already pitched this opportunity, but if they haven’t, it certainly doesn’t hurt to ask.

Maintain a good credit score

In some states, insurers can review your credit history to help determine your premium. As you might have guessed, a good credit score may help you nab lower home insurance rates.  This is because the same factors that influence your credit score can also help predict your likelihood of filing a claim.

Before you apply for insurance or renew your policy, see if you can make improvements to your credit score. Some steps you can take that can have a big impact on your score include:

• Paying your bills on time each month.

• Keeping credit utilization under 30% of your available balance.

• Paying your credit card balance every month.

Review and update your policy regularly

Your home changes each year, and your coverage needs may change, too. When your policy is up for renewal, take time to evaluate what updates you’ve made to the home, what new belongings you’ve acquired (or parted with), and see if you either require less coverage or are now eligible for discounts that weren’t available to you before.

Avoid these common pitfalls

People believe many myths about insurance, and unfortunately, that can lead to trouble as they try to lower their premiums. Below are a few of the pitfalls you want to avoid as you try to lower your home insurance costs.

Underinsuring your home

Some people think that underinsuring your home is a valid way to save money. Unfortunately, doing this can leave homeowners exposed to a lot of risk. If something happens to your home, a guest, or property in your home, you may find yourself without the means to cover your losses (which can be considerable).

But that’s not the only problem. Underinsuring may also mean you’ve run afoul of the 80/20 rule, and that can limit your payout in a claim. When you’re considering coverage amounts, be sure to insure your home for its replacement cost. That way, you’ll be able to repair your home if something goes wrong.

Failing to reassess your coverage needs

Lots of things change after you buy a house, and some of them can affect your insurance premiums. Redoing your kitchen or a bathroom, installing a pool, or upgrading appliances can all impact the replacement cost of your home. While doing these updates on the sly and not updating your insurance company may help you keep your premiums low, they may also leave you without adequate coverage in the event of a loss.

Actively managing home insurance costs is a significant part of homeownership. It’s important for you to ensure that you have adequate coverage while paying a reasonable annual cost. Whether you try shopping around or securing the right discounts, you want to take steps to reduce your insurance expenses.