There is a multi policy discount, however, many companies make up for low margins on auto insurance by charging more for home insurance and vice versa. Companies can vary wildly in prices based upon their loss history and underwriting.

The multi policy discount may or may not make your home insurance cheaper. Calculate the combined price and make sure it's lower than buying the different coverages from different companies.

Making your home more resistant to windstorms and other natural disasters may save on your home insurance premiums. Ask your agent if adding storm shutters, reinforcing your roof, earthquake retrofitting may lower your insurance costs. Also consider modernizing your heating, plumbing and electrical systems to reduce the risk of water and fire damage.

Before investing in a home security system, find out what kind your insurer recommends, how much the device costs and what your savings would be on premiums.

You can get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some companies will cut your premium by up to 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or private monitoring stations. But these security systems aren't cheap and not every system qualifies for a discount.

Since retired people stay at home more than working people they are less likely to be burglarized and may spot fires sooner. Retired people also 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.

Establishing a solid credit history can cut your home insurance costs. Insurers are increasingly using credit scoring info to price home insurance policies. In most states, your insurer must advise you of any adverse action, such as a higher rate, at which time you should verify the accuracy of the information on which the insurer relied.

To protect your credit standing, pay your bills on time, don't obtain more credit than you need and keep your credit balances as low as possible. Check your credit record on a regular basis and have any errors corrected promptly so that your record remains accurate.

If you've kept your home insurance coverage with a company for several years, you may receive a special discount for being a long-term policyholder. Some insurers will reduce their premiums by 5 percent if you stay with them for three to five years and by 10 percent if you remain a policyholder for six years or more.

But make certain to periodically compare this price with that of other policies.

Review the limits in your home insurance policy and the value of your possessions at least 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.

If your five-year-old fur coat is no longer worth the $5,000 you paid for it, you'll want to reduce or cancel your floater (extra insurance for items whose full value is not covered by standard home policies such as expensive jewelry, high-end computers and valuable art work) and pocket the difference.

If you live in a high-risk area for homes -- say, one that is especially vulnerable to coastal storms, fires, or crime -- and have been buying your home insurance through a government plan, you should check with an insurance agent or company representative or contact your state department of insurance for the names of companies that might be interested in your business.

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.

You should think about the type of home and it's location before you buy as house. You may pay less for home insurance if you buy a house close to a fire hydrant or in a community that has a professional rather than a volunteer fire department. home insurance may also be cheaper if your home’s electrical, heating and plumbing systems are less than 10 years old.

If you live in the East, consider a brick home because it's more wind resistant. If you live in an earthquake-prone area, look for a wooden frame house because it is more likely to withstand this type of disaster. Choosing wisely could cut your home insurance premiums by 5 to 15 percent.

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