Homeowners insurance provides damage protection for your home and personal property from a variety of events, including fire, lightning, burglary, vandalism, storms, explosions, and more. In addition, all homeowner’s insurance policies contain personal liability coverage, which protects against lawsuits involving injuries that occurred on and off your property. There are six variations of homeowner’s policies to cover your home, condo, or rental. Once you have decided on the best homeowner's policy, you need to determine how much of it you will need. Make sure that you have enough insurance to cover the cost of fully rebuilding your home if it is destroyed.