Yes. Insurance protects you against many risks you may face as a homeowner or as a renter. This is why mortgage lenders require homeowners insurance. A standard homeowners insurance policy will protect your home’s structure and your personal belongings in the event of a destructive event. If there was a fire or the contents of your home are damaged or stolen, you may not be able to afford to replace everything that was lost.
Homeowners insurance generally protects you against liability. That means legal responsibility for any injuries and property damage to others caused by you or members of your family. If someone falls or is injured on your property, they could sue you. You could be at risk of facing thousands of dollars just for legal fees — regardless of the outcome of the suit.