I read an article in today's Los Angeles Times, by Lew Sichelman in which he talks about the need to make sure, as a homeowner, you have adequate insurance coverage.
Mortgage lenders require a basic homeowner policy to cover the property and are likely to foreclose on the borrower if they refuse to carry the insurance.
Some recommended additional insurance coverage is:
Flood. Even if you don't live in a flood area, just a few inches of water in a heavy rain season can lead to damage. Apparently the No. 1 natural disaster in the country is flooding. The National Flood Insurance Program offers insurance up to $250,000, and it is not that expensive. 
Umbrella. If you are ever sued, for whatever reason, your homeowner policy may not cover a unsuccessful outcome. To avoid losing your home there are umbrella policies that can provide you with a $1-5 million in protection over and above the limit of your other coverage.
Valuable. These can be covered with a rider on your homeowner policy. But there are limits to that. So if the value of your possessions exceeds the coverage ceiling you might consider adding a valuable-items or personal-articles floater.
Home Office. If you work out of your home, your homeowner policy may not cover your business property. What if someone injures themselves in your home. Tell your agent the details of your business to see what needs additional insurance.
Vacant Property. If you are leaving your home empty, make sure that your insurance company knows and that your coverage does not lapse.
Rental Property. If you are renting your property a homeowner's policy will not cover the it. You need landlord's coverage.
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Jane, Just out of curiousity, are you able to purchase a combo policy for mud and fire out there? You know in Florida, it is becoming just about impossible to get any protection on hurricanes. What you should have, and what you can get, can sometimes be a bit tricky, now, can't it?
Good question. But certainly every homeowner should get what they can. I am sure it depends on your zip code. Where I am the chance of flood and fire is remote.
Jane, So, you don't cook or wash clothes or wash anything?
I had insurance on one of the rental properties I had. The premium I had to pay on was over $200,000 more than what I paid for the building for replacement cost - go figure. I never understand insurance, I just know the wife will be happy if anything happens to me :-)
Jane, oh, that's right. I think it was you I told that I usually burn the house down when I cook. I guess I am uninsurable.
Al, I am sure your wife won't be happy at all :(
Jane.....most people are overinsured.....there are additional riders needed for jewelry(with an appraisal) and computers.....remember, if you ever have to file a claim, hire a public adjuster to represent you and negotiate with the insurance company.....the insurance adjuster represents the insurance company's interests, not yours....that's my two cents worth for today.
Thank you, Barbara. That's valuable information. I agree, people can be over insured. But in the event something happens and you are not covered.....
Jane - Fortunately we use our grill a lot. I am a grill man. But your topic is very serious. Insurance is a live wire on home ownership. Good post
I know here in Northwest Indiana with so many homes that have basements, one overlooked rider to their homeowner's insurance policy is back-up sewer coverage. I have known many homeowners shocked when their insurance company refuses to pay on claims for flooded basements.
Claude, thanks for your input.
James, I can imagine, that must be a shock.
Hi Jane, thanks for the informative, post. I was curious why they didn't mention earthquake insurance-especially out in California. Many people in Indiana are starting to add it as they become more informed about the New Madrid fault which has the potential to be every bit as devastating as anything California has experienced. We felt the aftershock of an earthquake over in Illinois about 200 miles away and for someone in Indiana it was very scary. We have a basement and I could feel the floor shaking very noticeably. I know that is pretty tame by California standards, but I double checked our policy for its coverage for earthquakes. Just a thought. Maybe earthquake coverage is standard out in CA. Thanks!
Hi Jane,
This is a great "wake up" post. I tell clients that the most important thing they can do is find a good insurance agent, make an appointment and take with them all of the information and a list of their belongings... visit with them about the kinds of insurance that are available, what they need, the limits that will work with them etc.
I am blessed with good agents in my area that I feel confident will treat my clients right.
Jane no doubt about it...you can never be too careful when it comes to insurance. Nice job with your thoughts.
Insurance the worser of two evils but don't get caught without it. Timely post Jane, the folks need to shop around, there is a difference.