Do you ever look at your homeowners’ insurance policy?

If you were familiar with it, you might save yourself time and angst when you need to make a claim.

But few of us know the basics of our insurance coverage. In fact, real estate agents say that few home buyers arrive at settlement with a basic understanding of the policy required at closing.

What should that policy look like?

First, it should offer a combination of coverage plans; protection if the house is destroyed by fire or robbed of possessions; protection if someone slips on your front steps and sues you; and protection if some natural catastrophe strikes.

A standard policy typically covers houses and possessions from damage caused by fire, smoke, lightning, windstorms and hail, explosion, rioting, vehicles and aircraft, theft, glass breakage, building collapse and accidental discharge of steam or water.

It will not pay, however, for damage caused by flood, earthquake or routine wear and tear.

Information on flood insurance is available from the Federal Emergency Management Agency, which administers the National Flood Insurance Program. The agency can be reached at (800) 427-4661 or by clicking on www.fema.gov/nfip.

Your homeowners’ policy will not cover damage caused by lack of maintenance, mold, termite infestation and infestation from other pests, according to the Insurance Information Institute.

When you obtain a policy covering the structure of your home, you should buy enough insurance to rebuild it, not just enough to meet the mortgage lender’s requirements that protect its investment.

What if you’re away in the winter and the heat goes off, causing your water pipes to freeze and then thaw and burst? A standard policy should take care of that.

Insurance policies can include provisions that guarantee replacement-cost protection so you can afford to rebuild or repair your house after a fire or other disaster at today's prices.

What about sudden damage from artificially generated electric current — such as that power surge that destroys your computer hard drive, even with a surge protector, and knocks out your security-alarm system?

Ditto.

Dwelling coverage repairs or rebuilds houses and attached structures, such as an attached garage.

“Other structures” means things like detached garages and sheds.

“Personal property” covers losses to furniture, clothing, appliances and most other possessions. Special items such as jewelry are not included and require additional coverage.

“Loss of use” means the coverage pays for the living expenses you incur while your house is being rebuilt. If you rent out part of your house, the lost rental income also is covered.

Most standard homeowners’ policies offer what is called “essential” coverage, which includes personal liability protection from, for example, a lawsuit that might be filed against you. It covers bodily injury to others, except for that caused by a car, and property damage resulting from personal activity or conditions on your property.

The policy will pay up to $1,000 per person for those who are injured while on your property or as a result of your activities. These payments are made only to nonfamily members.

Liability limits generally start at about $100,000. But experts at the Insurance Industry Institute in New York recommend that you purchase at least $300,000 worth of protection.

Special needs require special coverage. One is guaranteed replacement-cost protection that will pay to have your house rebuilt or repaired at today’s prices. There usually is no deduction for depreciation, even if the amount exceeds the limits in your policy. This is a good option in times of rising market values of houses and higher construction costs.

If you didn’t provide correct information to the insurance company when you first obtained the policy or have made changes that added to the replacement value of your house, you end up being underinsured and unable to rebuild without incurring debt.

Find out how much it would cost to rebuild your home. Your insurer can calculate those costs, or you can hire an appraiser to do it.

A good way to estimate replacement costs is by multiplying the square footage of your house by the local square-foot construction cost.

For instance, if your house is 2,000 square feet and building costs are $120 per square foot, the replacement cost would be $240,000.

Most insurers recommend that you insure your home for 100 percent of the cost of rebuilding it. Look at the policy to see the maximum amount your insurer would pay if the house had to be rebuilt (limits typically appear on the declarations page under “Section one, coverages, A. Dwelling”).