If you are a homeowner, you already know that homeowner's insurance is essential to protecting your investment. But what does it cover, and how can you get a discount on your policy? Here's what you need to know about homeowner's insurance and tips on how to save money. What Is Homeowner's Insurance? Homeowner's insurance provides financial protection if the home or its contents are damaged or destroyed. It also provides liability coverage if someone is injured on your property.