Homeowners insurance provides coverage to repair or rebuild your home after events like fire, smoke, theft, vandalism, a falling tree, or damage caused by weather such as lightning, wind, or hail. Most standard homeowners insurance policies also cover furniture, clothing, and other possessions. In addition, they cover medical expenses and legal fees if people other than you, your family, or anyone else not living in your home is injured on your property. The same guidelines generally apply to renters insurance, as well as policies for condo and mobile home owners.