For most consumers, homeowners' insurance is a grudge purchase on par with retiling a roof or getting treatment at the dentist.

But while it isn't necessarily the most exciting way to spend money, it is an important factor to owning or renting a house, and the peace of mind that comes along with those monthly payments is priceless.

However, recent studies show that a concerning number of homeowners don't fully understand their insurance policies, which could lead to some nasty surprises if unforeseen damages occur. According to an Insurance Information Institute (I.I.I.) survey, more than 50 percent of homeowners didn't understand how their insurance company would calculate the cost if their homes were damaged, and four out of five didn't realize they needed a separate hurricane deductible to be covered from one.

The fact is, a standard homeowners' policy doesn't protect policyholders from everything. Homeowners might be covered for things like fallen trees, but floods, earthquakes and tornados are a whole different ballgame — and as it turns out, so are a lot of other traumatic events.

Here's three things policyholders may expect to be included in their homeowners' insurance policy, but aren't:

(Photo: Shutterstock)

Expensive jewelry and fine art

Think of the items most people have in their homes: beds, tables and appliances. Many have closets filled with clothing, towels and linens. So, it makes sense for most insurance policies to cover these things. However, in the aftermath of a calamity, homeowners are unlikely to find themselves losing any sleep over a damaged closet. A wedding ring or jewelry box however is a different situation.

The reality is that most jewelry, fine art or antique collections are not covered under a standard insurance policy. A policy might reimburse policyholders a maximum of $1,500 for jewelry for example, but that's nothing equivalent to the worth of many people's valued possessions — considering that these days, people spend on average $4,758 on just an engagement ring alone.

So, it's best for clients to speak to their agents about getting additional coverage to better protect the finer items in their homes, known as scheduled personal property. And while that will make insurance premiums higher, according to Allstate, there are some major benefits. That is, customers likely won't have to pay any deductibles on a claim, and will be covered for additional risks, like accidentally dropping a wedding ring down the drain.

Related: 4 ways to safeguard jewelry

Inspectors examine a sinkhole in Studio City, north of Los Angeles, on Feb. 18, 2017. Two vehicles fell into the 20-foot sinkhole and firefighters had to rescue one woman who escaped her car but was found standing on her overturned vehicle. (AP Photo/Ringo H.W. Chiu)

Sinkholes

Sinkholes are pretty rare, but not unheard of. Take the 30-foot-deep hole that opened up in the middle of the National Corvette Museum in Bowling Green, Kentucky in February 2014, for example. While the occurrence might seem a bit supernatural, they're actually caused by water eroding away at underground rock and soil. In fact, 20 percent of U.S. land is susceptible, with Alabama, Texas, Missouri, Tennessee, Pennsylvania, Kentucky and Florida most at risk.

If a deep, gaping hole appears on a homeowner's property, are they covered? The problem runs deeper than they may think. A sinkhole that occurs in a yard but doesn't touch the house isn't included in regular insurance policies. So, homeowners would be left having to fork up the cash to fill that hole on their own.

Unfortunately, many insurance policies won't immediately cover “earth movement” if it damages a home, either. According to I.I.I., sinkholes are simply too hard to predict and investigate, as well as extremely costly to repair. But that said, some states — like Florida and Tennessee — require insurance companies to offer opt-in sinkhole coverage, so homeowners will be compensated for damages to their homes and personal belongings affected.

All in all, it's best for homeowners to examine their insurance policy to see if they're covered for sinkholes automatically or if they need add the extra coverage — because freak accidents do happen.

(Photo: Shutterstock)

Pool accidents

A swimming pool is probably covered in the “property” element of an insurance policy. So if a tree falls into it and damages the lining, for example, homeowners will likely be covered. However, while a standard home insurance policy usually encompasses liability protection, any accidents that occur in a pool might be excluded. That means if a family friend ends up in the hospital after a swimming incident, the homeowner could end up footing the bill.

Homeowners need to revise their insurance policies to make sure their pool meets the proper safety standards for a claim to be accepted. For example, if the pool has a diving board or slide, isn't surrounded by a fence or hasn't been installed by a professional, a liability claim could be denied. The claim may also be denied if the person injured was engaging in risky behavior.

And as most homeowners are protected with up to $100,000 in general liability protection, I.I.I. recommends pool owners increase coverage to at least $300,000 — and more, purchase an umbrella liability policy to carry an additional $1 million in protection, just in case.

While it would be nice if insurance policies protected homeowners from everything, that's simply not the case. Offering more basic policies keeps prices down for those who don't own $4,758 engagement rings, liable pools or live in sinkhole-prone areas. It's up to homeowners to examine their policies with insurance agents and sign-on for the coverage that protects them best — so that way, their peace of mind is truly warranted.

Sean Maher is the co-founder of Swyfft, a platform that uses multi-patented big data and analytics to uncover accurate home insurance policies.

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Does your homeowners' policy cover these three things?

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