According to the National Association of Insurance Commissioners, overall insurance coverage levels are already lacking, with nearly half of all insurance consumers underinsured for potential losses.

Besides, Mother Nature doesn't care that we're in the midst of a global recession.

This year's hurricane season was one of the most active on record, with 16 named storms and five hurricanes reaching Category 3 or higher. Four major storms--Fay, Gustav, Hanna and Ike--threatened the Atlantic coast in a single month. Despite the fact that Hurricane Ike was only a Category 2 hurricane, it will go down as the third-costliest storm in U.S. history. What if it had been the big one?

More recently, wildfires inflicted millions of dollars of damage in Southern California. More than 500 mobile homes and 80 apartments were destroyed in the fires--and not all of them were insured with a home or renters insurance policy. According to analysis from the Sacramento Bee, 25% of mobile homes in California were uninsured in 2007. Even worse, research from the Insurance Research Council found that only 43% of people living in rented homes have a renters insurance property.

Once an uninsured individual loses a home or property, there's little or no help available. Often, their only option is to start over.

Some experts warn that the worst natural disasters are yet to come. A coalition of experts in earthquakes, hurricanes and other weather conditions warn that a major natural disaster is imminent. They're calling for federal legislation that would form a national catastrophe insurance program, creating a federal disaster fund that would extend loans to state insurance funds following a disaster.

Saving money in the short-term is important, but leaving your life's investment unprotected isn't a sound financial decision. Furthermore, there are plenty of ways to save on home insurance without sacrificing coverage. And the average renters insurance policy only costs $16 per month--a tremendous value.

Clearly, times are tough. Millions of Americans are out of work, and many experts predict economic conditions will get worse before they get better. But nature's fury is ever-increasing, and insurance coverage is the last thing you should neglect.