As part of a consumer’s annual financial review, current insurance coverage should be part of the process. Do you have enough life insurance to cover your loved ones and is it enough to cover the mortgage? Are your personal belongings properly covered and is there sufficient liability coverage on your automobiles?

It may sound a bit boring, but one thing you should do is review your homeowners insurance policy to find ways to save on your premiums. Regardless of whether this is your first or last home, reviewing insurance policies regularly is a must. What are some common ways to save on homeowners insurance and make sure you’re adequately covered?

There are several minor things you can do to save a lot of money and you may even have some of these improvements on your home right now, but your insurance agent may not know you have them.

The first and most obvious discount is issued if you have a security service from an established security company. Such a service can result in 10 percent or more in premium savings. You can also install smoke detectors throughout your home, and if your smoke detector is also a carbon monoxide detector, you’re eligible for another discount.

Homes with fire sprinkler systems get a deep discount as do strategically placed fire extinguishers. If all of your exterior doors have deadbolts, that could qualify you for a discount. Other items, such as handrails next to stairs, can reduce the premium. And if you have a pool, while that will only increase your premium, installing a security fence around your pool can greatly reduce the cost of pool insurance.

Your agent will have these and other ideas to help you manage your insurance costs. If you haven’t reviewed your home for insurance premiums lately, now’s a good time to start.