1. Get the discount you deserve.

Long-term policyholders may think they can automatically get credit lines and discounts on new policies, but they don't necessarily.

Don't assume you'll automatically get a line of credit and other benefits unless you actively ask for them. Asking what discounts are available is the easiest and most straightforward way to get them.

2. Make sure your credit score is good enough.

Insurance companies will consider credit scores when rating insurance rates, and insurance companies may use the score as an indicator of how responsible a person is.

People with good credit may shovel snow on sidewalks or roofs, and these actions will help reduce claims.

If you feel you have good credit, you may want to ask your insurance company to reevaluate their policy, which may lower your premiums.

3. Adjust your insurance details.

Never let coverage shrink to save money on your premiums. But that doesn't mean that insurance details should never be adjusted.

For example, most homeowner's policies have a provision that a property can contain other structures with coverage equal to 10% of the dwelling's primary coverage.

If there are no additional structures or the property is cheap, you may want to ask for a reduction or cancellation of this coverage and save money. Also, the personal effects and liability coverage can be changed.

In any case, the premium must cover the replacement cost of the primary residence and damaged personal effects.

4. Increase out-of-pocket expenses

Associate Professor McCloskey says that the higher the out-of-pocket expenses, the more the insured can be held liable.

The insurance company knows that the insured has increased the deductible, indicating more confidence in itself.

Typical out-of-pocket costs are $250, $500, $1,000, $2,500 and $5,000.

Increasing lower levels of deductibles can save 5% to 10% of the premium. As out-of-pocket costs increase, savings can be as much as 15% or more.

5. Consolidate all insurance policies.

You can get multiple insurance discounts by buying car and homeowner's insurance from one company, but there may also be price reduction programs for life insurance and other insurance.

6. Establish security mechanisms.

Insurance companies like to reward people who take action to protect their homes from damage, so installing smoke detectors and fire extinguishers in your home is an easy way to get a discount on your premiums.

In addition, you can get discounts for installing expensive backup generators, water flow detection equipment or hurricane shutters.

Most insurance companies also offer discounts to policyholders who install home security systems.

But installation is not cheap, and the savings in premiums are not always enough to pay. It's up to us to evaluate and decide.

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