The cost of insuring a home depends on several factors, including the deductible you choose, the value of your home and belongings, your insurance claim history, and other variables, such as the age and location of your home.

The location of your home and the surrounding environment, including the type of weather your state experiences can also affect the price. Generally, the less risk you have the lower your price may be, according to Liberty Mutual.

Some of those factors, like the age of your home are out of your control, but there are others you can control to help lower your costs.

Below are some tips to help you save:

You may be able to secure a discount if you buy more than one policy through the same insurance company, such as homeowners insurance and auto insurance. This is known as "bundling." It can mean significant savings, according to Experian. Plus it's convenient by having your policies in one place.

One factor that determines how much you pay for homeowners insurance is the deductible, which is your share of a covered claim.

You can typically select the deductible for your property coverage in your homeowners policy. For example, you could choose a $1,000 deductible that would apply to your dwelling coverage, other structures coverage and your personal property coverage.

If you choose a higher deductible, the annual premium for your insurance policy will likely be lower. The downside? If you have to make a claim for repairs to your home, you'll be required to shell out more money before your insurance helps cover the cost of repairs. On the other hand, choosing a low deductible could increase your premium, but you will pay a smaller amount when you file a claim.

Insurance companies will review insurance claims you filed for the last five to seven years. You’ll save on your policy if you have not filed a claim with your previous insurance carrier.

Some insurance companies reduce your premiums if you take steps to reduce your risk, such as installing an alarm system, deadbolt locks or other devices that help protect against burglaries. Updating your older home with modern electrical, heating and plumbing systems, and a new roof can also help. Before investing in such upgrades, check with insurance companies to see which discounts they offer.

Compare prices of different companies that sell homeowners insurance. Start by talking to an insurance agent to determine what kind of coverage you need. Then get quotes from a variety of insurance providers, being sure to compare the same type of insurance and amount of coverage.

You might qualify for reduced rates through membership organizations, professional or business associations, alumni groups, your employer or other affiliations. Some insurance companies offer discounts for retirees, and loyalty discounts for sticking with the same insurer.