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7 homeowners insurance gaps that could cost you

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Is your homeowners or renters insurance policy disaster ready?

Roughly 5 percent of insured homeowners filed a claim in 2014 (the latest year available), according to data from ISO, a division of Verisk Analytics. The average claim: $10,750.

"From a coverage perspective, it's very important to make sure they're prepared for the worst situations," said Angi Orbann, second vice president of personal insurance for Travelers.

Experts say a common gap is not having enough coverage. If your coverage is less than 80 percent of the home's replacement value, insurers may only reimburse you for a portion of damages.

Your home should be insured for the cost to rebuild, which isn't the same as its market value, said Orbann. Rising costs for building materials or improvements you made to the home might also mean you're under-insured, even if you initially had adequate coverage.

Here's how to make sure your policy is ready for seven kinds of claims that are among the most common or costly.

— By CNBC's Kelli B. Grant
Posted 29 April 2016

Dan Kitwood | Getty Images