While many people may try to save money on food, clothes, and other common necessities, it doesn't always occur to everyone that their insurance bills aren't set in stone either. And because many people don't discuss the individual insurance premiums, it's hard to get a good handle on what's reasonable and what isn't.

Let’s look at three ways that you can lower your premium, so you don't have to penny more than you need to.

1. Disaster-Resistance Redefined

From reinforced walls to waterproof basements, your carrier wants to see that you've done your part to make your home as stable as possible. If an earthquake or flood does happen to reach your neck of the woods, your home won't face the same kind of damage that an older one might. You can also update your wiring to minimize the odds of an electrical fire, or retrofit the plumbing system to reduce the chances of a burst pipe.

2. Invest In Security

There are a number of devices out there that merge sophisticated technology with safety devices. Burglar alarms no longer have to be wired into the walls to connect to the authorities, and you can now use cameras to monitor your home — whether you're inside or not. Smart smoke alarms will alert you of any impending fires via your smartphone, and smart sprinklers can turn on to quell that fire before it even has a chance to get started.

3. Review Your Policy

When homeowners make major purchases (e.g., a big-screen TV, fur coat, diamond ring, etc.), they should make sure their home insurance policy will cover the new items. However, the inverse is also true. Whether you've downsized or the items in your home have simply depreciated, consider lowering the amount of coverage you need to lower your overall premium. After all, a 10-year old laptop isn't going to be worth anywhere near what you paid for it.

The flexibility of home insurance is something that surprises many homeowners, though it's important not to make any major assumptions about any of the above suggestions. Not every insurance carrier will grant the same discounts, and the discounts they do grant will depend on everything from the size of your home to its location. You'll need to call your carrier to learn more about their individual policies.