Again, there might be additional discounts available, so be sure to research the possibilities. You could possibly save thousands of dollars. Also keep in mind that security devices and smoke alarms are a savvy purchase, so the extra expense for savings on your annual premium is well worth the investment.

One last word if you’re in the market for a new home: because of the potential difficulty of obtaining insurance in California — and since financing for a new home is contingent on your obtaining this coverage — make sure to investigate the availability of, and actually apply for, a policy as soon as your offer to purchase is accepted.

For further details on the importance of updating an existing policy, see Beef Up Your Insurance from This Old House online.