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At least once a year compare the value of you insured possessions/valuables and your home against the limits on your homeowner's insurance policy. Make sure that the limits on your plan are not drastically higher than the replacement value of your property.
When you check this each year, adjust the policy accordingly if necessary. That way you are not paying a higher monthly premium for a policy that provides more coverage than you actually need. Not checking your possessions against your policy limits is one major reason why people pay more than they should have to for insurance every year.
It is not the job of the insurance company to do this for you, and they won't. It is up to you to keep an eye out for ways to save yourself a buck or two. Over the course of however long you own your home, that extra money each month can add up to a sizeable amount. Suddenly you will have a much more affordable homeowner's insurance policy.