Home insurance is a type of property insurance that covers private homes. It may be an insurance policy that combines various personal insurance protections that may include losses occurring to one's home, its contents and loss of other personal possessions of the homeowner. Home insurance policies and coverage may vary among companies offering the insurance so carefully selecting one that suits your home is needed to ensure protection. Home insurance policy for freehold property purchased by the owner of property usually have broad coverage, home insurance policy for condominium property purchased by condominium corporation usually have basic coverage, i.e. the individual condominium owner may have to purchase their individual coverage in addition to the condominium insurance coverage. Generally speaking, if you have mortgage over your property, home insurance is mandatory, if you do not have mortgage over your property, home insurance is not mandatory, but it is better to have one.