Homeowners insurance will pay to repair or replace your house if it is destroyed or damaged by fire, tornado, hurricanes, nor'easters or most any other type of natural -- except floods -- and human-made calamity. Remember when buying a homeowner's policy, you need enough coverage to replace your house and its contents. About 75 percent of U.S. homeowners do not carry adequate insurance on their home [source: Keefer]. I should check my policy.
Dwelling protection will pay for damage to the main house and any other buildings, such as an attached garage. It will also pay for damage to plumbing, electrical wiring, heating and permanently installed air conditioning units. A homeowner's policy will also pay for damage to fences, sheds, guest houses and other structures, including an unattached garage [source: National Association of Insurance Commissioners].