The word "peril" invokes different images for different people, although the reaction is usually the same for everyone: avoid, avoid, avoid.

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Insurance companies normally use one of two methods to figure how much you will be reimbursed for a loss if the amount is less than your coverage limits.

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Deductibles are common in many forms of insurance. They place responsibility for the initial cost of certain claims — and some of the risk — back on the insured. Basically, a deductible is the amount you must to pay out of pocket before the insurance company will step in and pay for the loss of your property. Say your $5,000 diamond necklace is stolen. If your policy has a $500 deductible, the insurance company will reimburse you $4,500. If your policy has a $1,000 deductible, the company will reimburse you $4,000. Insurance companies won't ask you to pay the deductible to them. They will just subtract it from the amount of the claim.

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When trying to pick up the pieces after a calamity, you'll be asked by your insurance company to provide an inventory of lost or damaged items. Recalling the exact contents of your home under any condition would be challenging, but perhaps more so under the stress of a fire or theft. However, creating an inventory before disaster strikes can make it much easier to make a claim.

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If you have special needs where your property is concerned, a standard homeowner's policy may not fit the bill. There are a number of ways that your coverage can be expanded to ensure your peace of mind.

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Because homeowner policies have set limits for replacing personal property, especially those items prone to theft, you may want to purchase additional coverage for some of your more valuable possessions.

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If you own a home in a documented flood zone, there's a 26 percent chance of experiencing a flood over the course of a 30-year mortgage.¹And while they are more common in some areas, floods can happen anywhere. In fact, nearly 20 percent of all flood insurance claims each year come from property outside of high-risk areas.²

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When you buy a home, if you have a mortgage, you may be required by the lender to purchase a homeowner's policy. Here's what to expect as you look for the appropriate policy to cover your home.

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A home can require a tremendous investment of money, time, and energy. Homeowner's insurance is designed to protect that investment by insuring the actual structure or structures and the personal possessions in and around them, and providing liability protection for the residents. Through homeowner's insurance, you can protect yourself and your family from enormous loss in the event of damage or destruction to your home and property.

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What if your chimney fell on your neighbor, injuring him and ruining his expensive sports car, and you wind up facing a $500,000 judgment? If your homeowner's policy pays a maximum $300,000 for liability, you would be in a tight spot. Where will the rest come from — future earnings, selling your home, forfeiting an inheritance?

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