Raising your deductible is a good way to reduce your insurance premium. A deductible is the amount of money you have to pay for any damages before the insurance company will kick in with the rest.
The lower the deductible, the higher the insurance premium. Look for a deductible of $1,000 or more and see how much you can save over the minimum $500 most insurance companies require. You may end up saving 25% on your yearly bill. You may be better off thinking of homeowners insurance as a shared risk with the insurance provider, rather than a rich uncle who is ready with a handout. If you file a number of small claims your premium will reflect that activity.
Use what you save in premiums by upping your deductible and sign up for the inflation guard coverage or even a replacement guarantee. Peace of mind can, at times, be quantified.