Recipe for Disaster? Recent storms serve as reminders to review your homeowners policy--or regret it later.

When natural disasters strike, the most important considerationis survival. It isn't until after the hurricane winds stopblowing, the tor-nado stops twisting, or the earth stops quakingthat the financial wounds become apparent. They can, though, bealmost as painful as physical ones. Just ask the hundreds ofthousands of Americans whose homes or businesses recently took ahit from Hurricanes Charley, Frances and Ivan. Damage from thosethree storms could reach tens of billions of dollars by the timethe counting is done-much of which won't be covered byinsurance.

Americans who live along the hurricane zones of the Southeast,the Tornado Alley of the Plains, or the tectonic fault lines of thePacific Coast have obvious reasons to worry about naturaldisasters. But no matter where you live, events like the threehurricanes mentioned above provide reason enough to take a quickpeek at your homeowners policy. Better yet, make it an annualtradition to review the insurance that protects one of the biggestinvestments you'll ever make.

A standard homeowners policy covers a house, its contents,landscaping and outbuildings, along with any visitors to theproperty. Damage from a number of situations-fire, hailstorm,falling trees and so on-will typically be insured against. Otherpotentially costly problems, though, tend to be omitted.Earthquakes? Not usually covered. Floods? From broken pipes, yes,but not from rising water courtesy of Mother Nature. Moldinfestations? If at all, with a limit so low it won't help muchif mold is actually discovered.

Much of the language in a homeowners policy is boilerplatewritten by and for lawyers, which means it's unintelligible tothe rest of us. If nothing else, though, read the exclusionssection of your policy. You'll find it in the "conditionsand coverages" section. For most people, what they read thereis enough to keep them awake at night. It's a nightmare list ofall the disasters that could befall your house, leaving you afinancial wreck, homeless and maybe even bankrupt.

Armed with that list, decide what risks you are-and arenot-willing to accept. It isn't just disasters, either.Don't forget to consider excluded items such as high-valuejewelry. Keep in mind, too, pets that might limit or void yourpolicy. Faced with an increasing number of dog-bite claims, forexample, many insurance companies are refusing to sell or renewpolicies to homeowners with Doberman pinschers, pit bulls,Rottweilers and some other breeds. Check your policy for pet limitsor exclusions. Then head to an insurance agent to get quotes onpolicy amendments or additional coverage that might fill in thegaps.

Scott Bernard Nelson is deputy business editor at TheOregonian and a freelance writer in Portland, Oregon.