OVERALL
Review your coverage: Whether it's home, life, auto or health, you want to take a good look at what you're buying before you renew. Companies often make changes from year to year. Look at the policy as if it were brand new. Does it suit your current needs? Will it be a good fit for any anticipated changes, like a growing family? If it's no longer a good fit, what are your best options?

Ask about every discount. With most companies there will be certain factors that can earn you a better rate, from exercising regularly or not smoking (for health insurance), to maintaining good grades or taking a safe-driving class (for auto insurance). When you renew your insurance, go through all the discount options one by one and make sure you're getting all the price breaks you've earned.

HEALTH INSURANCE
Be ready to review your health insurance. Usually sometime near year's end, there is a window when you can make new choices or change coverage. It's also when employers and carriers announce any coverage modifications. Benefits are always changing,

Know what you get for free. Many policies will pay for preventive care (like annual physicals) before you meet the deductible, says Kofman. Others will offer wellness features, price breaks on premiums for healthy habits, picking up all or part of the cost of gym memberships or smoking cessation programs. Check the menu to see if there are services you might want.

Examine limits before you buy. A wave of products aimed at cash-strapped consumers sport lower premiums, but also have low limits for what the company will pay out over the life of the policy (in the $5,000 to $10,000 range). This type policy may not be the smartest buy, so look out for annual limits.

LIFE AND DISABILITY INCOME INSURANCE
Know why you're buying. Many policies advertise an investment component. That can be a great feature if you want to cover escalating premiums as you get older and your income shrinks. But don't look at it as a financial investment, instead, view it as a part of your insurance policy. If you want to invest money, do that separately.

Consider disability income insurance. About 6 percent of those who have short-term disability insurance have to tap it, according to the JHA 2006 Disability Fact Book. If something happens and you can't work for a while, "the economic consequences can be very severe.

Shop smart. With life insurance, consumers generally don't shop around. They may only look at how much coverage they get for the premium, rather than the features of the policy and how it may fit their actual insurance need. 

HOME AND AUTO
Make sure you can rebuild from scratch. In the past few years, homeowners already reeling from disasters got some nasty surprises when they discovered they were underinsured.

Consider local risks. "No matter where you live in the United States, there's some risk of a natural disaster". But there are some things you might be able to do to at least temper your property risks. For coastal properties, it might include things like roof straps or hurricane-resistant windows.

Smart money move: If you're making modifications to bring down your rates, ask your agent which improvements make the most difference and how much you'll save.

Go through your policy with your agent to make sure you're covered for every aspect of what the local conditions may throw at you. In many cases, that means some pretty specific coverage for -- windstorm, flood or earthquake.

In addition, be aware of "two perils" clauses in insurance. After Hurricane Katrina, a lot of homeowners discovered that if there were two sources of damage (like windstorm and flood), and they were protected against one and not the other; companies were denying claims.

Investigate flood insurance. Just because your mortgage company didn't require it, doesn't mean you don't need it. Some private companies sell it, but most of the policies are issued through the federal government's National Flood Insurance Program. You usually buy it through your agent, who will service the policy. Buy it if you believe there is any chance you might need it.

Protect your pipes. Consider sewer and drain backup coverage. The annual cost for this endorsement is usually minimal. Many people assume it's included in their homeowners policy, "but it's not".

Consider expand your umbrella. An umbrella is about your best buy in insurance. Umbrellas cover you if you're sued in a liability issue.

Usually you can get $1 million in coverage for roughly $100 to $200 annually.

Insurance experts used to recommend umbrella policies of $1 million. But with the rising cost of living and steep increases in health care, many now recommend going for $2 million, if you have the assets to justify it. 

Include entrepreneurial activities. Running a home-based business or just doing a lot of work from home? Talk with your agent. You may want to pick up additional liability coverage, or increase your contents insurance to cover inventory or equipment.

Ask if your homeowners policy covers the dorm. If kids are leaving for college, check to see if their belongings are covered under your existing policy. In many cases, they won't need additional insurance.

If kids are living off campus, beware of co-signing on leases, which could make you financially responsible if there is ever a liability issue. Instead, sign a financial guarantee that will obligate you for rent but not make you liable for accidents, injuries and mishaps.

If you've already signed? Talk to your agent about extending your liability coverage to a second residence. And you can use the same move to protect your vacation condo too. 

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.

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 where taking a higher deductible nets a hefty break in premiums.

Get a volume discount. Many companies will give you a price break for handling multiple policies.

Adjust your policy for trusts. If you've put some of your insured assets into a trust, be sure to adjust your insurance accordingly. 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".

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.

So in many cases, if you can improve your credit score, you can save money on your insurance premiums.

And if your credit is low, shop for a company that doesn't use credit scores.

Look at the 'why' behind the quote. Insurance modeling -- what the company looks at to determine your risk and premiums -- is constantly changing. It can also vary from company to company.

Take inventory. Before you can collect on a claim, you have to submit proof of what you lost. The smartest way to do that is to prepare the list ahead and update it annually.

Go room by room with a video camera. Make a list with photos. Or take advantage of free computer software provided at KnowYourStuff.org, which partners with the Insurance Information Institute. The program walks you through a tour of your home, prompting you to detail what's in each room; allows you to attach photographs or copies of receipts; and stores results in a secure online location.

When you purchase big-ticket items, keep a copy of the receipts and stash them with your file. Make several copies and keep one away from home.

Having an inventory "makes filing a claim a breeze," and will help make the claim process much easier.