Make sure you understand what you have and don't have. We got what appeared to be a really good deal on our insurance, but this year decided to pay a little more to add some coverage. The 'really good deals' often come about by giving you lower coverage limits.

Three areas we looked at that I would make sure you know:
1) Guest medical coverage - This is for someone getting injured or sick on your property and requiring emergency coverage. Say your daughter and friends are climbing trees and the neighbor kid falls and breaks her arm. You take her to the ER. This would actually cover that visit. Our basic plan was $1,000; we increased it to $5,000.
2) Liability - If someone gets injured on your property and sues you, the insurance company will pay up to the covered amount. Given the amount of klutzes and people looking to sue for any reason, we increased this from the basic $100,000 to $1,000,000.
3) Water backup - If your sewer line backups up or sump pump fails and floods your basement, the damage associated with this is not covered under the regular policy. We had $1,000 of coverage, and increased it to $10,000. Our biggest likelihood of damage for this is in the basement, and since part of ours is finished, we have all of our exercise equipment down there, our furnace is located down there, it made sense to add the additional coverage.

Bumping those three areas increased our policy $209 per year. We have Allstate and they didn't have a bundled rate for these things, but I know that my parents have AAA and added the same items [[with even higher coverage limit on the water backup) and got it cheaper because they offered it at a bundle price.

I think a lot of times people get burned on homeowners policies because they don't understand exactly what is and isn't covered. I think a good way to make sure you're covered is to come up with a list of things that you might envision yourself filing a claim against, and just drill your agent [[is it covered if my house burns down, if my house gets struck by lightning, what if my collectible baseball cards get damaged, what if there's a slip and fall, what if a pipe bursts). You should start to get a feel for how covered you actually are with the answers. And,if possible, have the conversation by e-mail so that you have a documentation trail.