Look at what you're insuring. With contents coverage, it's not enough to buy a certain dollar amount. You also have to portion it out in the right way. First, you want replacement value insurance. That means that if you have a loss, you'll receive enough to buy your lost items new -- at today's prices.

Making smarter buying decisions

1. Overall 2. Health insurance 3. Life and disability income insurance 4. Home and auto

In addition, many insurance companies put a limit on the amount they will reimburse you for certain high-dollar items (often things like jewelry, furs, collectibles, art and antiques). So even if you have $100,000 in coverage, if a thief takes $5,000 in jewelry, you may get a check for only a fraction of that amount.

The solution: specific coverage (often called an endorsement, floater or rider) for special items or collections.

Revisit deductibles. How much can you afford to pay today in cash if you have to make a claim? Especially with property insurance, look for that magic area (usually around $500 to $1,000 on homeowners insurance) where taking a higher deductible nets a hefty break in premiums.

"With many insurers, you will see substantial savings going from $250 to $500," says Nyce. But not so much if you go from $500 to $1,000.

Get a volume discount. Many companies will give you a price break for handling multiple policies. Say, "I'm thinking of bringing this policy over to you. What kind of deal can you give me?" says Gorman.

Adjust your policy for trusts. If you've put some of your insured assets into a trust, be sure to adjust your insurance accordingly, says Hungelmann. The items you own are covered, but the items owned by the trust may not be unless you update your policy.

Get driver training. Depending on your state and your insurer, you might be able to take a safe driving course and get a better rate on your premiums. Some companies will also give breaks to students or senior citizens who have completed additional driver training. "It can save you money in the long run," says Nyce.

Improve your credit. When it comes to home, auto and liability coverage, many insurance companies use credit scores to determine your premiums. While it's a subject of debate (and some states allow it, while others don't), the industry maintains that there is a correlation between higher credit scores and fewer claims losses.