A lack of attention to homeowners insurance can be financially devastating, yet a recent survey commissioned by Fireman's Fund Insurance Co. has revealed a troubling lack of coverage knowledge among homeowners.

"The survey findings show a critical need for homeowners to communicate with their insurance agents and learn what their policies actually cover and when they should be updated, to ensure they are fully protected in the event of a disaster," said Scott Garfield, vice president of Fireman's Fund. "Homeowners also need to know that all policies are not created equal, and to understand the array of insurance options available in comparison to their current coverage before they are faced with costly disasters."

Although their homes represent a major component of their total net worth, even affluent homeowners fail to spend sufficient time managing their insurance coverage, Fireman's Fund noted. The survey revealed that only 37 percent of respondents could answer correctly six of the 12 questions about basic coverage on their policies. These include the maximum amount of stolen cash that would be reimbursed if a home were burglarized, and what the most frequent cause of insurance claims is for homeowners' losses.