The cost of your home insurance depends on several variables, including the location, cost and condition of your home. In the simplest terms, the more risk you take on, the higher your home insurance will be. But that risk may be more controllable than you think.

Here are a few ways to lower the cost of your home insurance.

Understand Land Vs. Structure

This is a common mistake that many homeowners make when it comes to insuring their home. While your possessions can be stolen, the ground under your feet can't be. You should be more concerned with the cost of rebuilding the home. This means focusing on the value of the building instead of the land underneath it.

Improve Home Safety

A smart smoke detector, stronger shingles and new wiring make it much less likely that you'll encounter a disaster in your home. Talk to your home insurance carrier to find out what kind of discounts they give for better-equipped homes. Even if you don't get a discount, you won't regret making your home safer.

Downsize Your Possessions

This tip is recommended for people who are already downsizing. If you're selling off some of your most valuable possessions, it may be time to lower the existing coverage you have on your policy. Just make sure to account for the possibility of having to replace most or all your things in the event of a disaster.

Look After Your Credit Score

In general, the better your credit score, the lower your home insurance rates will be. If you haven't checked your score for a while, it may be time to do a little investigating. If you put the time in to boost your score a few points, you may just see this reflected in better prices.

The cost of home insurance is relative. So, even if you don't consider it inexpensive, you may be able to make it more affordable. Even $10 in savings a month will add up over the many decades you own your house. Securing better rates starts with talking to your home insurance carrier and asking exactly what you can do to make your home a more attractive place to insure.