Your home insurance premium is directly affected by the deductible you choose. When determining your deductible, it's best to figure out what is the most you feel comfortable paying in the event of a loss. Making your deductible higher than that could place you in a financial burden should you file a claim. If you make it much lower, you may end up paying more for home insurance each month than you need to.
The deductible on your home insurance is the amount you pay out of pocket before the insurance company begins paying for damages or losses in the event of a claim. That means if you have a $2,000 deductible and your home was damaged in a fire, you're on the hook for the first $2,000 worth of damage. The insurer begins paying for damages after the $2,000 deductible is paid.
If your deductible is very low, you pay more for your home insurance, but in the event of a loss you will not pay as much money out of pocket. If your deductible is very high, your premium will be lower but you will pay more in the event of a loss. The higher your deductible, the more you save on your premiums. Before changing your deductible, though, make sure you understand how that affects your insurance policy and personal finances.