Most homeowners and renters wouldn't mind paying more to insure their home but, ironically, most of them don't have enough coverage to protect them from risks they face.

When Zogby International conducted a survey homeowners and renters for MetLife Auto & Home it found more than 71 percent believe that their insurance carrier would pay for the full cost to rebuild from a natural disaster or fire, while 72 percent said they would be reimbursed for the full cost to replace personal belongings.

In reality, all insurance companies "cap" the amount of benefits paid for a total loss, unless additional coverage is purchased. Unless state otherwise, most policies also take depreciation into account when assessing damage to personal belongings.

The survey also found:

• Sixty-nine percent of those surveyed expected that their home insurance would pay, in the event of a loss, for building code required upgrades to the property, such as upgraded wiring. In fact, the standard insurance policy does not cover such upgrades, possibly leaving many homeowners in a financial bind that must be resolved before the repair work can begin.

• More than six out of ten (64 percent) of those surveyed believe that their home insurance would provide coverage for water damage resulting from the back-up of water from sewer, sump pump, or drains. Standard homeowners policies typically exclude this type of damage. Sewer back up coverage can be purchased through a separate endorsement.

• More than one third of those questioned also didn't know their home owners policy covered them from lightning damage, although it's covered by most policies.

MetLife president Bill Moore says consumers can avoid misunderstandings and insurance gaps for a premium that is equal to or less than their current premium.

"It always makes sense to ask questions and to shop around for the best value," said Moore.

"The simplest solution -- and the best value for your money -- is to have the coverage you need automatically built into your policy. There’s a lot of competition in the marketplace, and you can find a product that's right for you, with a little homework," he added.

The homeowner insurance portion of the Zogby/MetLife Auto & Home insurance survey sample consisted of 1,203 adult renters and homeowners interviewed February 19-28, 2007.

Moore advises taking stock of your insurance policy by sitting down with your agent and going over the fine print.

Need more insurance help?

Visit:

• The Insurance Information Institute for more consumer information from the industry.

• National Association of Insurance Commissioners for more consumer information from regulators.

• Independent Insurance Agents & Brokers of America for more consumer information for the industry of independent agents.

• AM Best Ratings for the financial ratings of insurance companies.