Home Owners Insurance provides protection against losses from fire, theft, liability, vandalism, etc. Your agent needs to review the property to determine insurability. Closing costs include 15 months of premiums for your escrow account. Your monthly payment includes hazard insurance. A standard policy covers the value of your home, excluding land and foundation and usually insures personal property. Normally your costs are less if you have smoke alarms, house alarm systems, etc or you increase the deductible, or combine your house and auto insurance. Discuss your insurance concerns with your agent. Pictures and purchase information of personal property items like jewelry, computers, etc. should be placed in a "safe location".