To protect yourself financially against catastrophes to your house, you may rely on coverage from your homeowners insurance policy. But don't think that a bare-bones policy is sufficient in every case. You may be surprised to learn that damage from certain events is not covered under your policy. Or, even if a particular event is not excluded, you still may have to pay for some losses on your own.

Basic premise: Typically, a homeowners insurance policy will cover losses resulting from fires, tornadoes and severe storms. But coverage may not extend to floods and earthquakes unless you add a rider to the standard policy. The cost of the rider generally depends on whether you reside in a high-risk area or not.

Similarly, if a water or sewer line backs up, the cost of the cleanup may not be covered by standard homeowners insurance. Again, you may be able to purchase a rider for a relatively modest cost.

What other events are generally not covered? The list can range from damage caused by termites or insects to mold damage in the basement or attic. Also, most policies will exclude damage caused by terrorism, war or nuclear attack. Furthermore, assuming the policy or rider provides benefits based on the property's replacement cost as opposed to its fair-market value, you may be responsible for at least part of the cost of rebuilding a house.

Practical advice: Don't panic. It is relatively easy to fill in the cracks in a homeowners insurance policy. First, find the relevant papers. They may be buried in a drawer or a dusty file cabinet. Assess your exposure to some common risks. Ensure that you have the necessary riders in place or secure them from your insurer.

Another possibility is to supplement your current coverage with an "umbrella" policy. As the name implies, an umbrella policy provides shelter on top of existing policies, like your homeowners and auto insurance policies. For instance, an umbrella policy may provide protection if an individual is injured on your property. As with other insurance policies, there is an expansive marketplace for umbrella policies.

Caution: Coverage under an umbrella policy is triggered only after application of other insurance policies and subtraction of a deductible. Consult a professional adviser concerning the best options for your particular situation.

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