What would happen if an unexpected event caused major damage to your home? Most property owners would not have enough cash on hand to replace a roof that's been torn apart by wind or a fallen tree. Maybe an uninsured motorist falls asleep while driving and crashes through your living room. What if someone trips over an errant toy left in your driveway and fractures an ankle. Or breaks in and steals your personal belongings.
A good homeowner's policy will cover all of these circumstances, and a few more as well. It's a security blanket that you can wrap around not only your home, but your bank account as well.