"Many homes are still underinsured," said Worters, noting that construction costs continued to rise even as market values fell. "That can be a huge problem, because if you have a fire in your house, you're now going to have to pay the difference between what your home is insured for and the cost of construction."
Similarly, if you're looking to save on your auto insurance, think twice about reducing your liability, which pays for damages to another person if you cause an accident.
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Instead, lower your collision and comprehensive coverage, especially if you have a car that's older. The Insurance Information Institute recommends consumers have $100,000 of bodily injury protection per person and $300,000 per accident.
Lastly, those with significant assets or greater exposure to risk (e.g., a pool in your yard or an all-terrain vehicle) may wish to consider a liability umbrella policy, which is designed to pick up where auto liability and homeowner's liability leave off, said Brett Woodward senior vice president of NFP P&C Private Client Group, a property and casualty insurance brokerage.