The price you pay for your homeowners insurance can vary by hundreds of dollars depending on the company you buy your policy from.

Companies offer several types of discounts, but they don't offer the same discount or the same amount of discount in all states. That's why you should ask your agent or company representative about any discounts available to you.

1- SHOP AROUND

2- INCREASE YOUR DEDUCTIBLE

Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay. Deductibles on homeowners policies typically start at $250.

Increase your deductible to
$ 500 -- save up to 12 percent
$1,000 -- save up to 24 percent
$2,500 -- save up to 30 percent
$5,000 -- save up to 37 percent

3- BUY HOME AND AUTO POLICIES FROM THE SAME INSURER

Some companies that sell homeowners, auto and liability coverage will take 5 to 15 percent off your premium if you buy two or more policies from them.

4-WHEN YOU BUY A HOME...

A new home's electrical, heating and plumbing systems and overall structure are likely to be in better shape than those of an older house. Insurers may offer you a discount of 8 to 15 percent if your house is new. Check the home's construction: Buy Brick In the East , because of its resistance to wind damage, Buy Frame In the West Frame, because of its resistance to earthquake damage.

5-INSURE YOUR HOUSE, NOT THE LAND

The land under your house isn't at risk from theft, windstorm, fire and the other perils covered in your homeowners policy. So don't include its value in deciding how much homeowners insurance to buy. If you do, you'll pay a higher premium than you should.

6 IMPROVE YOUR HOME SECURITY AND SAFETY.

You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm, or dead-bolt locks.

7-STOP SMOKING

Smoking accounts for more than 23,000 residential fires a year. That's why some insurers offer to reduce premiums if all the residents in a house don't smoke.

8-SEEK OUT DISCOUNTS FOR SENIORS

Retired people stay at home more and spot fires sooner than working people and have more time for maintaining their homes. If you're at least 55 years old and retired, you may qualify for a discount of up to 10 percent at some companies.

9-SEE IF YOU CAN GET GROUP COVERAGE

Alumni and business associations often work out an insurance package with an insurance company, which includes a discount for association members. Ask your association's director if an insurer is offering a discount on homeowners insurance to you and your fellow graduates or colleagues.

10-STAY WITH AN INSURER...

If you've kept your coverage with a company for several years, you may receive special consideration. Several insurers will reduce their premiums by 5 percent if you stay with them for 3 to 5 years; by 10 percent if you remain a policyholder for 6 years or more.

11-COMPARE POLICY TO YOUR POSSESSIONS ONCE A YEAR

You want your policy to cover any major purchases or additions to your home. But you don't want to spend money for coverage you don't need.

12 LOOK FOR PRIVATE INSURANCE FIRST

If you live in a high-risk area --- one that is especially vulnerable to coastal storms, fires, or crime --- and have been buying your homeowners insurance through a government plan, you should check with an insurance agent or company representative. You may find that there are steps you can take that would allow you to buy insurance at a lower price in the private market.