Homeowners’ insurance generally covers the loss of your belongings in case of fire, theft, and certain other casualties. If you must repair or replace property that is damaged, destroyed, or stolen, your insurance will generally pay for all or part of the cost.Home insurance breaks down into two distinct types: buildings insurance and contents insurance.we need to buy the right type of policy,The terms of standard home insurance policies have been defined by the Insurance Services Office (ISO), so standard coverage is not going to vary from company to company, although rates will.If you are concerned about earthquakes, you can get coverage with a separate policy. Homeowners policies do not cover flood damage. homeowner or renter to be eligible for a policy .when Owner-occupants of private homes: Individuals and families who own the private home in which they reside. Tenants of residential premises: People who rent or lease the premises where they reside.

The insurer will be able to give you an estimate for rebuilding your house in the event of a total loss. Remember, this is the rebuilding cost based on local construction costs, not the market value of your home.