Purchasing a home insurance is the first thing that you want to do after buying a home. This protects the home owners from casualty losses or any damage of their homes. Some people believe that they are required to have insurance when they own a home, but that is not true. Unlike car insurance you do not need homeowners insurance but it is highly recommended. If there is a disaster like a fire in your home, without insurance you have nothing left to claim. Rebuilding and replacing will come out of your pocket and that is a very costly mistake to make. Do the smart thing and carry insurance whether you live in a house, apartment or condo or co-op.