While these gaps could end up costing homeowners a lot of money, policies also provide coverage that many people don't realize they have. For example, policies usually cover the belongings of college students (the sons and daughters of policyholders) who live on campus. They also often cover electronic data (including music) and damage to appliances caused by a power surge.
The bottom line? Policies vary, and if you have a particular concern, it's usually relatively easy to add additional coverage to your existing policy—as long as you know about the risk before any damage takes place.