Homeowners should all have some sort of homeowner's insurance to cover themselves in case of a catastrophic event where their home burns down, gets flooded or otherwise is destroyed. In most cases if you've got a home mortgage your lender is going to require that you have homeowner's insurance anyway.
When buying your insurance make sure that you get full replacement value for your home, as well as coverage in case someone is hurt on your property. You can also get ancillary coverage to cover high value possessions on you policy.
When getting quotes, make sure to compare like coverages, otherwise the pricing you get won't be apples to apples.
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