1. Build up your track record

A claims free insurance history will certainly help to lower your premiums.

2. Compare to save

Compare to save. According to Statistics Canada, insurance is the fifth-largest expenditure a family makes. If you were buying a car, you'd never just go with the first one you see, would you? You need to shop around and compare the market to get the best home insurance quote that's right for you. Thanks to sites such as RateSupermarket.ca, it's easy to compare rates offered by different insurance companies so you can be sure you're getting the best deal.

3. Improve your home security

If you don't already have an alarm system, consider getting one installed. Also, the alarm systems that are actively monitored will save you more on your home insurance premiums

4. Pay a higher deductible

A deductable is your share of the insurance claim, the amount of money you pay when a claim is made. A low deductible will mean higher premiums. If you increase your deductable, your premiums should go down.

5.Talk to your agent

Ask your insurance agent how you can save money. If you have a solid history of no claims with the same insurer, they might give you a small discount on your premiums. Some insurers offer senior discounts. Also ask about package deals, how much can you save if you have your home and auto insurance with the same provider?

6. Quit smoking

Home insurance premiums can be higher for smokers because there is an increased risk of house fires caused by careless smoking.

7. Only pay for what you need

Take the time to understand your home insurance needs and the policy differences between basic, broad and comprehensive insurance. Conduct a cost benefit analysis. Is the benefit of the additional coverage worth the cost to you? Go with the product that is best suited to your needs at the price you can afford.

8. Don't over inflate your insurance needs

An insurer will not allow you to claim for more than the actual loss to the insured property - this does not include the market value of the land. Get enough insurance to cover the cost of rebuilding your home at current market value, don't include land value.

9. Pay on time

It's important that you pay your premiums on time, or you risk tainting your insurance record. If you miss more than 2 payments your policy could be canceled and you may find it difficult getting coverage from another provider.

10. Only switch at the right time

Wait until your existing policy expires before switching to a new provider. If you cancel in advance, you may have to pay a penalty fee. It's always best to start looking around for a new policy one month before your existing policy expires. Even if you choose to stay with the same provider, if you spend some time shopping around for the best rate, you'll be more educated when it comes to negotiating a new contract with your insurance company.