There are two main types of insurance regarding your house and home - buildings insurance and contents insurance.
Buildings Insurance - Protects the house against unexpected events and disasters such as theft or fire. Lenders insist you have enough buildings insurance before they give you a mortgage. Buildings insurance only ensures the buildings themselves (e.g. house and garage), and not the contents. The cost of the insurance depends on how much the buildings would cost to rebuild and does not normally take into consideration the cost of the land they lie on.
Contents Insurance - This is insurance to cover loss or damage to your possessions in the home due to fire or burglary, for example. Costs vary according to where you live and the total value of your belongings.
If you live in an area that is prone to flooding it is particularly important that you check the details of your policy. There has been much debate recently regarding insuring properties prone to flooding and some properties may be exempt from being insured.
Other house and home insurances you may need to consider include mortgage protection and insurance for landlords and tenants involved in lettings.
As with other types of insurance, you will need to shop around to get budget prices.
For further information visit Where can I buy cheap home insurance?