If money is running out and you are looking for ways to cut back, you might be tempted to cut back on your home insurance coverage. It could be a mistake.

If you don’t have adequate coverage and your home is damaged or destroyed, or someone is seriously injured on your property, you could have to pay hundreds of thousands of dollars. Fortunately, there are steps you can take to lower your home insurance premiums without reducing your coverage and without putting your family’s financial future at risk.

Consolidate your insurance policies
If you currently have your home insurance with one business and your auto or life insurance with another insurer, you may be spending more than you need to. Insurance companies generally offer substantial discounts to customers who bundle their policies. If you buy two or more types of insurance from the same company, your total expenses can drop significantly, even if you keep the exact same coverage limits.

Find out if you qualify for discounts
You may be eligible for one or more discounts on your home insurance. Insurers reward customers who make upgrades that make them less likely to file a claim. For example, you may be eligible for a premium reduction if you repair or replace your roof, update your home’s electrical system, or install a monitored home security system. If you make any of these changes, let your insurance company know and ask if you qualify for lower rates. You can also get a discount if you have been working in your current business for several years.

Increase your deductible
Your home insurance premiums are based, in part, on your deductible. If you experience a loss, you will have to pay the deductible out of pocket before your insurance takes effect.

Increasing your deductible can lead to a significant reduction in your premiums. Call your insurance company or agent and ask. You should only increase your deductible if you have access to this amount if you need to file an insurance claim.

Shop for better rates
Another possible way to save money is to change companies. You should compare the rates of different home insurance companies each year. If you contact other insurers and ask for quotes, you may be surprised to find that you can get the exact same coverage you currently have at a much lower cost from another company.

Even if the insurer you currently offered the lowest premiums when you purchased insurance, another company may offer you a lower price today. You may also be eligible for discounts that were not available to you when you originally purchased home insurance.

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