Saving money during these tough financial times is critical. Here are the 5 best ways to save money on your homeowners insurance.

1. Increase Your Deductible

Your deductible is the amount of money you must pay toward claims before your insurer will pay. Increasing your deductible from $500 to $1,000 will save you 15% to 25% on your premium. Increasing it to $2,500 will save you up to 35%. Increasing your deductible also prevents you from filing too many claims which can cause your insurer to raise your premium or cancel your policy.

2. Consolidate Your Policies

Buying your homeowners and your auto insurance policies from the same company can save you up to 30% on your premium. An added benefit is you have only one agent and one company to deal with.

3. Install Safety and Security Devices

Installing safety devices like smoke detectors and fire alarms, and security devices like dead bolt locks and burglar alarms will save you 5% to 20% on your premium. Not only will you save money, you'll gain peace of mind knowing that you're safe and protected.

4. Ask for Discounts

Insurance companies don't always tell you about all the discounts they offer, so ask your insurer about all the discounts you qualify for and include them in your policy.

5. Compare Rates

The best way to save money on your homeowners policy is to get quotes from different companies and compare their rates. If you go to an insurance comparison website you can get quotes from numerous A-rated companies all in one place. It's quick, it's easy, and it's free. Premiums for the same policy can vary by hundreds of dollars from one insurance company to the next, so spending a few minutes comparing quotes will be will worth your while.