Did you know that the housing boom has lifted home values 51 percent over the past six years. For most of us that means that if our house was destroyed, insurance would pick up only a portion of the cost to rebuild.

For the underinsured, the average shortfall is 21 percent, according to one firm that tracks building prices. Even if you bought a guaranteed replacement or an extended replacement policy, you could still face too-low coverage caps. (For more on being adequately insured, read the story here.)

To see how much coverage you need, have a contractor estimate the cost of rebuilding. And don't forget to check your contents coverage, which is often inadequate.