Homeowners insurance is an agreement between you and an insurer to pay for repairs or replacement of your home or personal belongings in the event that they are damaged by a covered peril. It also provides liability coverage for damages you or your family cause to others on the property. Homeowners insurance is a standard product offered by most insurance companies, and there are several packages to choose from. The most common package is HO-3, which covers the structure of your house and your personal belongings. It is important to determine whether your coverage adequately protects your property, and a knowledgeable producer or agent can help you understand the specific terms, conditions and exclusions of the policy you are considering.