In this economy saving money is the name of the game, and lowering your homeowners insurance cost is one of the best ways to do it. Here are the top 10 ways to save on homeowners insurance.

1. Raise your deductible. Your deductible is the amount of money you pay toward claims before your insurer will pay. Raising your deductible from $250 to $1,000 will save you up to 25%. Raising it to $5,000 will save you up to 40%.

2. Consolidate you policies. Purchasing your homeowners and your auto insurance policies from the same company can give you up to a 30% discount on your premium, plus you'll only have one company to deal with.

3. Add safety and security devices. Installing burglar alarms, smoke detectors, dead-bolt locks, and window locks can save you up to 15% on your yearly premium. Installing a home security system can save you up to 20%.

4. Only insure your home. Don't use the appraised value of your home when deciding how much coverage to buy, because it includes the price of your land. Insure your home, not the land it sits on. (Note: Standard policies do not cover floods, so purchase flood insurance if you live in a flood zone)

5. Check your credit. Many companies are now basing your insurance rate on your credit rating. If you have poor credit, find a company that does not run credit checks.

6. Quit smoking. Smoking is a major cause of home fires, so most insurers will give you a discount if no one in your home smokes.

7. Get a senor discount. Most companies offer a discount to seniors who are 55 years or older and retired.

8. Stay with one company. Many insurers will give you a 5% discount if you stay with them for 3 to 5 years, and a 10% discount if you stay with them for 10 years.

9. Pay premiums electronically. You can save up to $5 a month by paying your monthly premium by electronic bill pay, automatic bank deduction, or by credit card.

10. Compare rates. Insurance rates can vary by hundreds, even thousands of dollars from one insurer to the next, so comparing rates is the best way to save on your homeowners insurance.

The easiest way to compare rates from different companies is to go to an insurance comparison website where you can get multiple rates from A-rated companies.