Severe storms, wildfires and other natural disasters are creating new concerns for American homeowners. Having homeowners insurance is important, but simply owning a policy does not guarantee that every type of damage will be covered.

Start by reviewing your dwelling coverage. This amount should reflect the estimated cost of rebuilding your home—not its market price. Construction materials and labor may become more expensive, so an old coverage limit might no longer be enough.

Next, check your deductible. A higher deductible can reduce your premium, but it also increases the amount you must pay before insurance begins covering a claim. Choose an amount you could manage during an emergency.

Pay close attention to exclusions. Standard homeowners policies generally do not cover flood damage. Earthquakes, sewer backups and certain storm-related losses may also require separate policies or endorsements.

Create a home inventory by photographing valuable belongings and saving receipts. Store copies in secure cloud storage so the records remain available if your home is damaged.

You may also qualify for discounts after making safety improvements. A stronger roof, smoke detectors, security systems or storm-resistant features could reduce risk and potentially lower insurance costs.

Compare quotes from multiple insurers, but do not look at price alone. Examine coverage limits, exclusions, deductibles and customer-service records.