Home insurance built around what your home would cost to rebuild

It should not be. The figure that matters is what it would cost to rebuild, which is a different number from the market value and moves with construction costs. A policy written years ago is often well behind.

Flood is the big one — it is almost never part of a standard home policy and needs separate cover. Earth movement, ordinary wear and neglected maintenance are also typically excluded. Knowing the gaps is the point of reviewing the policy.

Rarely to any useful degree. Equipment, stock and business liability generally need commercial cover, even when the business runs from a spare room.

It depends whether your policy pays replacement cost or actual cash value, which deducts for age and wear. That single distinction can be the difference of thousands on the same roof, and it is worth knowing which you have before a storm.