Typically, a house is one of the largest assets someone may have. Being so, you'd want to make sure you have adequate coverage to protect it.   

Your home is both a valuable asset and the center of your life, so it’s extra-important to cover every risk with homeowners insurance. Get the right policy and you’ll take care of the small and large risks related to owning a house at the same time.

For example, a devastating fire could result in not just the total loss of your home, but financial ruin. Without adequate home insurance you could be left with no way of raising the funds to pay off the balance of the mortgage.