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Investing in a home insurance policy is a must for any responsible homeowner, but it doesn't have to break the bank. Here are 10 things you can do to lower the price of your homeowners insurance premiums without reducing your coverage.

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Maintain a Healthy Credit Score Whether it is good or bad, credit matters when it comes to homeowners insurance. If your credit is poor, you could be paying up to 50% more on your home insurance premium, according to the Insurance Information Institute.

Install Home Security Devices You can also reduce your homeowners insurance costs by up to 50% by installing home security devices. According to III, installing a modern home security system that alerts an outside service can lead to a savings of up to 20%. Adding deadbolt locks to your home's exterior doors can save up to 5%.

Insure Your Home, Not the Land Under It When deciding how much home insurance you need, protect your home, not the land under the structure. Should a catastrophe level your home, your land will likely remain intact.

Use the Same Company for Multiple Policies Many insurers offer discounts to customers who purchase both home and auto insurance policies with them. This could reduce the cost of your premium by 5 to 15%. Consolidating your policies with a single insurer may also make the overall insurance process more hassle-free.

Don't Smoke Smoking accounts for tens of thousands of home fires every year. Because of this, some insurance companies offer discounted premiums to smoke-free homes, so kicking the habit is not only better for your health, but may lead to serious homeowners insurance savings.

Live in a High-Risk Area? Consider Private Insurance If your home is located in a catastrophe-prone region, you may think your only option is to purchase home insurance through your state's high-risk insurance pool. This may not be the case. You might be able to save money by purchasing insurance on the private market. Check with a local insurance agent for details.

Take Advantage of Senior Discounts Insurance companies have found that older folks have more free time to maintain their homes, and are home more often to spot fires and burglaries. As a result, retired persons over 55 years of age may qualify for a home insurance discount.

Raise Your Deductible Keep this rule in mind when shopping for home insurance: as the deductible increases, the premium decreases. Raising your deductible means insurance companies take less of a risk insuring you, thereby making you cheaper to insure.

Deductibles typically start at $250. Increasing your deductible to $500 may save you up to 15% on your premium; $1,000 may save you up to 25-30%, according to ConsumerReports.org.

Stick With Your Insurer If you keep an insurance policy with the same insurer for several years, you may be offered a reduced premium. Being a long-term policyholder could save you 5% after just three to five years, and up to 10% after six years.

Shop Around for Better Insurance Rates Shopping around is the best way to find an affordable home insurance rate. Prices can vary widely between insurers, so broadening your search is often the most effective way to find an affordable rate. InsWeb.com is a great tool that can help you compare home insurance quotes from top companies.

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