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UPDATE 1-Home improvement retailers rise in premarket trading after Harvey

(Adds premarket prices of insurers, autos, refiners)

NEW YORK, Aug 28 (Reuters) - Shares of U.S. home improvement retailers rose in premarket trading on Monday as Tropical Storm Harvey was set to dump more rain on Houston, Texas, intensifying flooding in the fourth-largest U.S. city.

Harvey, the most powerful hurricane to hit Texas in more than 50 years, first hit land late on Friday and has killed at least two people. It has since hovered around Texas' Gulf Coast, where it is forecast to remain for several more days.

Shares of Home Depot climbed 1.5 percent to $151.95 in trading before the market's open, while peer Lowe's Companies gained 1.9 percent to $74.75. Investors expected both companies to benefit from rebuilding efforts in the region. Power generator manufacturer Generac edged up 0.9 percent to $38.95.

Other companies expected to be impacted include those in the insurance sector, auto manufacturers and oil refiners.

Shares of insurer Allstate lost 1.8 percent to $90.35. Refiner Phillips 66 rose 0.9 percent to $84.20 and Valero Energy climbed 1.9 percent to $68.95.

Ford Motor shares rose just 0.1 percent to $10.83. Analysts said that while the storm could impact the company's operations and dealers in the short term, damage from flooding could result in a large number of light trucks being replaced. (Editing by Bernadette Baum)