NORTH TEXAS (CBSDFW.COM) – It’s the time of year when North Texas starts to see tornadoes, wildfires and other weather related catastrophes. Now is also the time to consider the chance your property insurance won’t cover the cost of losing everything in your home.

Experts say one of the biggest misconceptions is that you only need enough insurance to cover what your house would sell for.

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“Really what you want to insure your home for is the replacement cost,” said Mark Hanna, with the Insurance Council of Texas.

Hanna said you should ask yourself, “How much is it gonna cost to replace your house in the event that it’s blown away, it is burned down, or what have you?”

In addition to the cost of building materials and labor going up virtually every year, Hanna said homeowners also need enough insurance coverage to replace everything inside the house.

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Homeowners should also have a written or videotaped inventory of home contents.

“What they have inside their closets, all of their artwork, their jewelry, every piece of furniture that they have,” suggested Hanna, “so that if in the event of a catastrophe they lose everything they can show the insurance adjuster and it speeds up the whole insurance process.”

As a first step homeowners should check with their insurance agent to go over any home renovations that have been made and to look at current replacement costs for the structure as well as the contents inside.

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