Home Insurance is taken out to cover your building (home) and its contents. There are many values to choose from when looking to take out such insurance as different houses need different levels of cover. There is a limit to both aspects of the insurance however you have the choice to adapt these to suit your own needs.
One of the main reasons people take out home insurance for is to cover you in the event of a fire, for its use, contents and also personal possessions specifically identified when taking out home insurance.
Also for example there are many areas which you can add to your policy are areas such as for example accidental damage, if you were to unfortunately spill a glass of red wine on your carpet and the stain did not come out you then may be able to claim under accidental insurance. You may however typically find that damage to your property due to flooding may not be covered. You should also consider taking some form of Income Protection Insurance