Here are 15 ways to slash the cost of your home insurance. A wide variety of discounts are available, ranging from discounts for your house's building material to your proximity to a fire station. These discounts will vary by state and insurance company.

1. Shop around
Check with several different home insurance companies to get rate quotes. Aan independent insurance agent can provide rate quotes from multiple companies. Ask around: Do your friends and family like their home insurance company?

2. Raise your deductible
The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. Typically, home insurance deductibles start at $250. The Insurance Information Institute (III) estimates that if you increase your deductible to $500, you can save up to 12 percent on your premiums. Increase it to $1,000 and save up to 24 percent. But make sure you can afford to pay the higher deductible out of pocket if something should happen.

3. Buy your home and auto policies from the same company
Many companies will give a multiline discount if you buy both home insurance and auto coverage from them. It's one of the more significant discounts you can garner, says Michael Barry, spokesperon for the III.

4. Consider insurance when buying a home
If you're looking at buying a home, think about the cost of it. A newer home's electrical, heating and plumbing systems and overall structure are likely to be in better condition than those of an older home. This can lead to lower premiums.

You'll also want to consider the construction of the house and where you live. If you live on the Atlantic Coast, you'll want the house to be able to stand up to wind damage, while on the Pacific Coast, you need to keep earthquakes in mind. Home insurance does not cover these perils; instead, you need to buy windstorm or earthquake coverage separately, adding to your insurance cost.

5. Insure your home, not the land
While your home and its contents are at risk from fire, theft, windstorms and other perils, the ground your home sits on is not. Don't include the value of the land when deciding how much home insurance you need to buy in order to rebuild your house. Your agent can help you assess the right coverage level.

6. Improve security and safety
Items such as dead bolt locks, burglar alarms and smoke detectors can usually bring discounts of 5 percent each, depending on the company. Your insurance company may also offer a significant discount of 15 or 20 percent if you install a sophisticated home-security system. If you're thinking about buying such a system, check with your insurer to see which systems qualify for a discount.

7. Stop smoking
Smoking accidents account for almost 23,000 residential fires every year, according to III. Some insurers offer to reduce premiums if no one in the home smokes.

8. Look for senior discounts
Retired people stay at home more and spot fires sooner than working people. Older people also have more time for maintaining their homes. If you're at least 55 years old and retired, you could qualify for as much as a 10 percent discount. But it really depends on the insurer and some companies don't offer the discount, adds Barry.

9. Look for group coverage
Large employers and business associations often work out deals with an insurance company, which includes a discount for employees and members.

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 after you stay with them for three to five years; and some companies will discount you as much as 10 percent after six years.

11. Check your coverage annually
You want your policy to reflect the value of your home and belongings. If you review your policy every year, you will be able to make the necessary adjustments. If, for example, you just sold a valuable painting, you won't need the same amount of personal property coverage. But if you've added a garage, you'll need to increase your dwelling coverage.

12. Look for private insurance first
If you live in a high-risk area — one that is especially vulnerable to coastal storms, wildfires or crime — and think you'll be forced to buy home coverage from your state's high-risk insurance pool, check first with an independent insurance agent. You may find that you can still buy insurance at a lower price in the private insurance market than from your state's insurer of last resort.

13. Make EFT payments
Many companies now charge $5 or more for mail payments, so having your payments automatically deducted will help shave off excess cost. Often your payments can come automatically from your credit card.

14. Maintain a good credit history
Many insurers now check your credit and can adjust your price based on your level of "risk" as judged by your credit history, where allowed by state law. Make sure your credit is in good shape when you apply for policies.

15. Consider actual cash value vs. replacement cost
Actual cash value coverage reimburses you for the value of your property at the time of damage or loss, minus your deductible. If you buy this option, you need to account for depreciation of your property, which may result in a lower claim payment than you expect.

Replacement cost coverage reimburses the full value of the item lost — after you purchase the new item and submit your receipts. The up-front premium is higher, but you receive full compensation for your possessions.