Increase Your Deductible

Typically, insurance policies carry a $250 deductible — you pay the first $250 of damage, the insurer pays the rest. But if you can afford to take a bit more of the risk, a larger deductible can significantly reduce the premium. On average, you can save about 12 percent a year on your homeowner's policy with a $500 deductible, 24 percent with a $1,000 deductible, 30 percent with a $2,500 deductible, and 37 percent with a $5,000 deductible.

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