Protecting your home involves a lot more than preventing theft and structural damage. Feeling secure in the knowledge that you can reclaim your sense of stability in case disaster strikes is also important. Money is, therefore, the last thing you should have to worry about. Here are ten things you should know about insurance.

1. What your insurance covers

Besides paying for damage to property and possessions in case of fire, vandalism, theft and certain storms, a typical policy provides liability coverage. This helps when someone gets hurt on the property and sues. Additionally, homeowner’s insurance covers the cost of shelter when you’ve been forced to leave your home temporarily, easing the burden of hotel bills. Belongings outside the home are also covered. Unlike auto insurance, homeowners insurance will most likely pay for something that was stolen from your car. In fact, most policies will cover the belongings you bring along when traveling.

2. What your insurance does not cover

A typical policy has exclusions. Earth movements such as landslides, sinkholes and earthquakes, flooding, nuclear hazards, power failure, war, faulty zoning, government action, poor workmanship, and defective maintenance won’t be covered. In high-risk areas, tornadoes and hurricanes are often excluded. Water damage is quite tricky. While water from above is usually covered, water from below generally isn’t. Depending on your locality, supplemental coverage might be worth considering.

3. The importance of shopping around

Research is important before committing to a policy. A trustworthy agent with good online reviews or one recommended by family or close associates might be preferable. While rude or untrustworthy adjusters are hard to deal with, a good adjuster would make the process a lot easier.

4. Preventive actions that can help reduce premiums

Insurers will price your premium based on the amount of risk they foresee. As such, reducing your liability risk can help reduce the premium. Installing a fence around your pool minimizes the risk of accidents and reduces the likelihood of a claim, and this might, in turn, lower your premium. Having a burglar alarm system and a working smoke detector could help reduce your premium by up to15-20 percent.

5. The difference between replacement coverage and market value

Replacement cost covers the repair or replacement of your house while market value is the amount payable for the entire property in its downtrodden state. Although it might be less expensive, you will not recoup as much in case of a serious disaster if you buy a policy that is based on market value. Consider buying a policy that covers the repair or replacement of your home, but with a higher deductible.

6. The importance of filing a claim immediately

Policies have time limits to report a claim, meaning those who wait too long to file a claim might not be eligible for benefits. Your insurance will not cover you if your claim is filed outside the required time.

7. The importance of writing everything down

Keeping good enough records is important for almost every policy. Many valid claims are denied because of poor records. Apart from recording everything that happens during a loss, make sure you try your level best to mitigate the problem and document such mitigation. Keep contracts, appraisals, and receipt safe and document every phone call.

8. How jewelry is covered

Your homeowner’s policy can cover jewelry, but the basic limit does not usually cover expensive items like wedding rings. Getting an appraisal at your jeweler is a good idea. If your policy covers a maximum of $3,000 and your rings cost more, buying a supplemental policy to cover the jewelry might be the best option.

9. The importance of good maintenance

Because it helps them pay the least possible repair costs, insurers prize early detection and prevention. Apart from checking your systems to ensure you detect problems early, you should take preventative measures. Early detection and prevention can save you from having to deal with an even bigger problem. So, do your due diligence.

10. How to save

You can save money by bundling your insurance with other policies. For instance, you’ll be given some kind of discount if you have your homeowner's and small business insurance policies with the same company. Buying what you don't need just because you’ll save money is not advisable. Get only what you need.