The amount of home insurance that you need will vary depending on the type of home you have, and whether you want to insure the contents of your home as well. You can insure your home for the amount it would cost to replace your home and the contents of your home if they were completely destroyed by something like a fire. You may need more home insurance if you have contents that are very high value, like artwork or jewelry, or you might want to take out a separate insurance on those possessions.