Meaning of the word "home insurance" in English

What does "home insurance" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

home insurance

US /ˈhoʊm ɪnˌʃʊr.əns/
UK /ˈhəʊm ɪnˌʃʊə.rəns/
"home insurance" picture

Noun

insurance that protects a private residence and its contents against damage caused by fire, theft, or other perils.

Example:
We need to renew our home insurance policy next month.
Having home insurance gives us peace of mind.