If you own a home, then you need homeowners insurance. Your dwelling coverage—also known as property coverage—falls within this policy. It’s the part of your policy that specifically protects your house. On many policies, it’ll also cover certain other structures on your property, like sheds or detached garages.

With dwelling coverage, you’ll be able to repair your home when it gets damaged by covered events. Your policy might extend to damage caused by:

Remember, policies vary. Some will cover each type of damage differently. Others will not pay for certain damage. Talk to your agent about the best way to establish appropriate coverage.

Think about a traumatic event like a tornado striking your home. If your home has damage beyond repair, you’ll need to rebuild. Therefore, you’ll need to make sure your insurance policy can provide you with enough funds to rebuild from the foundations to the roof. 

You’ll need to get high enough limits for the full cost to rebuild your home. Remember, this is different than the price you would get selling the home. This is the cost of materials, labor, fixtures and more. Talk to a local appraiser or contractor to get an approximate value on rebuilding at today’s costs. 

Remember, in many cases, you have to carry homeowners insurance as long as you have a mortgage. Ask your insurance agent, realtor or loan holder about the best type of coverage for you.