In general, your policy covers the costs to repair or rebuild your house and any other structures on your property, such as garages or work sheds, from such events as a fire, water damage from a broken pipe or heating system, fallen trees, and damage due to wind or snow. If there is damage, the insurance company will send out an insurance/claims adjuster to your house within a few days. He will investigate the claim, and provide you with an estimate of the cost of repair. The policy then allows you to pay a small deductible and use the insurance company’s contractor to do the repairs necessary to bring your house back to its former condition, or allow you to use your own contractor to complete the repairs. If you live in a flood plain, or hurricane- or earthquake-prone area, your initial policy may not cover these occurrences. Your insurance company will tell you what additional coverage you may need to be properly insured. Most homeowners’ policies cover personal property and effects in your house from damage or loss, such as artwork, clothing, jewelry, electronics, appliances, etc. Your policy may also cover personal injury and liability from such claims as someone falling or injuring himself on your property. You may pay for certain amounts of coverage, depending on how much protection you need. Your coverage should equal or exceed your net worth, so that you will not lose any of your assets if you are sued.