If disaster strikes, you need your home insurance policy to be there to help. Because of that, it's critical that you review your policy on an annual basis to ensure it offers the protection you need. Here are the top five things to consider.

1. Wrong Deductible

Your deductible shouldn't be too high or too low. Rather, it needs to be just right for your situation. In particular, if you have ample cash in savings, it doesn't make sense to pay high insurance premiums every month in exchange for low deductibles.

However, on the other hand, if you don't have an emergency savings account, you shouldn't gamble with a high deductible either. For example, imagine you chose a policy with a $5,000 deductible for hail damage. Then, a storm with huge pieces of hail ruins your roof, your deck, and even some of your windows. The insurance company is willing to pay to repair the damage, but unfortunately, you don't have even close to the deductible on hand.

Keep these scenarios in mind as you review your deductible. Make sure that you are not paying unnecessarily high premiums to get a low deductible, but also make sure that you aren't taking on a deductible that's too high for you to comfortably manage in the event of a disaster.

2. Misunderstood Deductibles

When reviewing your home-insurance policy, also note that it may have different deductibles for different types of incidents. For example, depending on your policy, you may pay a deductible of a certain dollar amount for some types of damage. However, you may pay a deductible of a certain percentage for other types of damage.

To understand how a percentage-based deductible works, imagine your home incurs damage worth $100,000. You have a 20 percent deductible for that type of damage. As a result, your out-of-pocket expenses are $20,000. Talk with your insurance agent about different types of deductibles so you don't face any surprises in a disaster.

3. Lack of Coverage for Floods, Mold, and Sewage

In most cases, home-insurance policies cover fire, theft, and damage from wind as well as some other calamities. However, most policies don't cover flood damage. Even if your area is not prone to floods, you may want to consider flood coverage. Keep in mind, this type of coverage can help with water damage related to rain, snow, hurricanes, and many other wet weather conditions.

Additionally, remember to check over your policy to ensure it covers mold and sewage backups. Those two areas are not part of many basic policies, and ideally, you want an insurance plan that is going to kick in if sewage is floating around your basement.

4. Underinsuring

In addition to ensuring you have the right types of coverage, you also want to insure you don't undervalue your home. Is your home-insurance policy enough to cover what you owe on the mortgage? Is your home worth more than you owe? If your home is worth more than you owe, you shouldn't just insure the amount owed on the mortgage. Rather, you need a policy that covers the entire value of your home. Ideally, you want a policy that covers the full cost of replacing your home, from demolishing the existing home to building a new one.

5. Updates

Finally, make sure that you have updated your home-insurance provider about any life changes you have made throughout the year. If you have added an addition to your home or even just a new deck or patio, your insurer should know, and you should call to make sure those things are covered. Similarly, if you have adopted a dog in the last year, you should make sure he or she is covered on your liability claim.

Want to learn more about reviewing your home-insurance policy every year? Contact a home-insurance agent for more information. You can visit sites such as http://www.unitedsecurityagency.com to find insurance companies that serve your area.