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As the economy falters consumers are looking for different ways to save money. When it comes to the search for savings, insurance is an expense that is often overlooked.

Reviewing your household insurance coverage can save you hundreds of dollars.

Donna Aug is a working mom who's always thinking of ways to save money. That's what prompted her to turn to Watkins Insurance, an independent agency to review her coverage. She had been with the same insurance agent for 18 years.

"Now in these economic times you need to get beyond the loyalty and make sure you're getting the best value," said Aug.

It turns out Aug wasn't getting the best value -- just like most consumers.

"They do not review their insurance coverage on a regular basis and I think that's critical," said Patrick Watkins, president of Watkins Insurance Group.

Watkins says consumers need to take advantage of changes in the insurance industry. "The market has become very competitive over the last 3 or 4 years which translates into lower prices for consumers really across the board on insurance products when you do shop around," he said.

Watkins says changes in households also mean changes in coverage. For example: home improvements like an added security system, additions or remodeling, adding a work space at home, even relatives who move in and bring personal possessions such as jewelry or electronics.

When it comes to cars, the depreciation of an older vehicle may be worth reducing your collision coverage.

Also combining home and auto insurance coverage under one company pays off big. It did for Donna Aug. "About $400 or $500 overall," she said.

Consumers should reevaluate their insurance coverage at least every three years. Aug says it's well worth it for her and her family. "I was very surprised and kind of kicked myself for not doing it sooner", said Aug.

In addition to home and auto insurance, industry experts say it's a good time to review life insurance policies as well.