Our home may be our castle, but even castles can get damaged. That’s why homeowner’s insurance is such an important investment. Saving money on home insurance requires some work, but it’s worth the effort.

Homeowner’s insurance will compensate you for losses to your home and your possessions. You will be protected if losses occur from fire, theft, storms or other events outlined in the policy. It also protects you if you’re legally liable for someone’s injuries on your property.

Before shopping for home insurance, check your credit report. Three companies provide this service for free:  Equifax Credit Information Services; Experian and TransUnion Corp. If there are red flags that make you appear to be a risky investment, insurers probably will charge you a higher premium.

Make sure you don’t underinsure your home and possessions. The Insurance Information Institute suggests using this formula to determine how much coverage you need: multiply the total square footage of your home by local building costs per square foot. To find out construction costs in your community, call a real estate agent, builders association or insurance agent.

Lower premiums would save you money if nothing happens but leave you in a lurch should you have a loss. Determine how much it would cost to replace your personal property, rebuild your house or buy another like it in the same neighborhood.

Rebuilding costs, however, are not the same as what you paid for your house, which also included the land. Unlike your home itself, your land isn’t at risk from theft, vandalism, fire, and other events covered in your homeowner’s policy, so don’t include the land’s value in your calculations.

You might consider an umbrella policy, which takes up where your regular insurance leaves off. It protects you if you are sued and lose a judgment that surpasses the amount of your liability insurance.

As added protection, use a camera and take inventory of your possessions, such as electronics, tools, furniture, jewelry and firearms. Put the pictures on a CD, and if possible, include receipts for the items. Or you can store that information online using free software provided by the Insurance Information Institute.

Consider going with a higher deductible, which is the amount you pay upfront before the insurance company contributes toward any losses. A higher deductible lowers your premium, but make sure you can afford the out-of-pocket expense that would come with a loss. Typically, deductibles start at $250 and go up to $500, $1,000 and beyond. According to some estimates, you could save nearly 40 percent on your premium with a $5,000 deductible, but that $5,000 could represent a major setback for you after a loss.

Taking some safety measures will do more than give you peace of mind; it will lower your homeowner’s insurance. If you have a security system, deadbolt locks, fire extinguishers and/or smoke detectors, your premium will go down.

Speaking of safety, if you’re looking to move, first find out where the closest fire station and fire hydrant are. If you’re outside a designated range, you will pay more for insurance because insurers presume your risk from fire damage is greater. Premiums also are higher for homes in high-crime areas. You can get crime statistics from your local law enforcement agency.

Think about negotiating a package deal. If you have auto insurance with a particular company, ask if you get a discount for going with homeowner’s insurance as well. Also, ask whether a company gives a break when there are no smokers living in a home (smoking is a contributor to home fires). Some companies also give homeowner discounts for senior citizens, with the thinking that retirees are likely to be home more often and spot potential burglars or report fires.

You can usually incorporate your homeowner’s insurance costs into your mortgage payments. Most lenders require adequate homeowner’s coverage that is paid along with your house payment as a condition of the mortgage.

If you live in a condo, your condo association isn’t responsible for the contents of your unit. You are, so you need to insure your belongings. Same thing goes for renters; your personal items aren’t covered under your apartment owner’s or landlord’s policy.