If you own your own home, chances are that getting homeowners insurance was just one quick step in the whole complicated buying process. A caution: it might be worth pulling out that policy and taking a look, since many homeowners’ insurance policies have common gaps that could cost you dearly someday.

Are you confident in your policy? If you’re not sure, read on to find out about some of things you should look for, along with tips on how to fix them to give yourself peace of mind.

Too little liability coverage
Typically, a policy will provide $300,000 of liability coverage. This should provide adequate protection if someone is injured on your property. However, you can up that coverage to $500,000 for about $25 more per year, a negligible amount for much more coverage and arguably something to consider. Furthermore, if you are in a high paying profession, you could be more of a target for a lawsuit. If this is the case, consider increasing that $300,000 coverage to $1 million in an umbrella policy for your home, vehicle and other property (such as a boat). This should only cost about $150-$300 more per year.

Major disasters…don’t just assume you’re covered
Did you know that even though a standard homeowner insurance policy will provide coverage if a major storm hits, earthquakes and floods are not usually covered? Depending on where you live, your risk (and cost for coverage) for these types of events will vary. Expect to pay about $100 additional at most for earthquake coverage. Flood insurance can only be obtained through the National Flood Insurance Program, but most insurance agents are authorized to sell it on their behalf. This added coverage will cost you about $200 in a low-risk area to upwards of $500 in a high-risk area.

Speaking of disasters, sewage and water backups are also not generally covered by a standard policy. The added cost? About $60 per year for up to $5,000 in additional coverage.

Provisions for your valuables
Collectibles, jewelry, and antiques often don’t have a lot of coverage in standard policies. Most policies limit the amount the insurer will pay to replace stolen or damaged property to around $2,500.

To help determine what level of coverage you need, start by making a list of your belongings, including all recent purchases and expensive items like jewelry, collectibles, and art. Next, take photos or video of these items and store these records offsite for safekeeping, such as in a safety deposit box. Not only will this exercise help you estimate the value of these items (and determine how much extra coverage you may need to purchase), it will also help you in the event you have to file a claim.

To get extra coverage for hard-to-replace items (often called a “rider” or “floater”), you’ll need the bill of sale. If you don’t have one, have the items appraised. You can then expect to pay about $15 for each $1,000 of appraised value for jewelry, about $5 per $1,000 of value for furs or silver, and $2 to $3 per $1,000 of value for antiques or artwork.

Unrealistic rebuilding costs
It pays to look into what the local cost of rebuilding a home just like yours would be in the event you needed to rebuild. Why does this matter? Simply put, your insurer goes by replacement value, not market value – which can vary greatly in different parts of the country. You could find yourself underinsured, meaning that your home is insured for less than what it would actually cost to rebuild it on the same spot.

Contractors in your area should be able to provide you with some rough cost-per-square-foot estimates, but bring in an appraiser if you have extensive customized features that a generic calculation won’t include.

Business property
If you have business property (such as a computer, tools, or inventory) in your home, be aware that your homeowner policy will generally cap coverage for business property at around $2,500. Losses that occur away from your home are capped at $250, and, on top of that, there is no liability coverage. This means that if a courier person delivering a business package injured himself on your property, you might not be covered. The solution? A small business policy costs about $250-$300 per year for $15,000 worth of coverage for contents in your home office and $1 million in liability coverage.

All other risks
Most policies do provide all-risks coverage for the dwelling itself, but not necessarily to its contents. Instead, possessions usually have named-perils coverage. An all-risks policy covers damage caused by anything except what is specifically named (usually flood and earthquake). A named perils policy covers only damages caused by particular situations. Many insurance companies hesitate to offer all-risk coverage for contents, but you might be able to get an all-risk rider, though it comes at a cost (usually about 20% higher than your annual premium).