1. Not understanding the amount you are insured for. You are not insured for the market value of your home. You are insured for the amount it would take to rebuild your house.

2. Not understanding what is insured. Remember, you are insuring your dwelling and its contents, not the land. You may also need additional coverage for personal items.

3. Buying inadequate coverage for your personal belongings. Make sure to buy "replacement cost" coverage for your belongings, not "actual cash value" coverage.

4. Forgetting to insure damage from natural disasters. Disaster coverages must be purchased separately. If you live in an area prone to earthquakes, floods, or windstorms, make sure to purchase additional policies for those.

5. Assuming mold that results from water damage will be covered by home insurance. Mold damage and remediation is not covered by home insurance (except in Texas).

6. Not knowing that home businesses are not covered by standard home insurance. If you operate a business out of your home, check with your agent about a separate policy.

7. Underinsuring your valuables. Art and jewelry, or anything else particularly valuable, should be insured separately under riders to your home insurance policy so that they are fully covered. Your basic home insurance policy pays only up to a certain level for valuable articles, which could leave them radically underinsured.

8. Not keeping a list of your belongings. If your property is damaged you'll wish you had a comprehensive home inventory of everything you had owned. Here's help in making a home inventory list.

9. Lacking appropriate liability insurance. If you have assets, including your home, or possible liabilities, like a swimming pool, consider an umbrella policy in addition to your home and auto policies. Read more in Umbrella policies extend your coverage.

10. Owning a "vicious" dog. If you buy a dog viewed as "vicious" by your home insurer, it may decide not to insure you anymore, or insure you for a much higher rate. See Home insurance for dog lovers. Some insurers drop coverage of those homeowners with trampolines as well, so it is important to research insurance companies policies regarding these two issues.