New Delhi, Aug. 26 -- Over the past month, torrential rainfall has left people stranded in parts of Hyderabad and some cities in Maharashtra. These aren't isolated cases - various Indian cities and towns suffer floods every monsoon.

In the aftermath of floods, many homeowners are shocked to find their home insurance policy didn't cover flood damage to their homes or possessions. As the climate becomes more unpredictable and urban homes become more asset-rich, the gap between what people believe their home insurance covers and what it actually does is growing.

They may intend to stay protected, but most buyers unknowingly fall into certain common traps that make their policies ineffective when they are needed the most.

Here are the five...