I already have a home loan that has financed my purchase. Do I need to buy a home insurance policy as well?

Buying a house is a great investment. You will be paying your home loan EMIs for a long period of time. Now, if something unfortunate were to happen to your house, the money that you have spent on the house would be wasted. You would also have to shelve out more money to get the damages to your house repaired. To avoid this, you can buy a home insurance policy. It protects your house from multiple natural calamities and manmade disasters. Some home insurance plans also cover a third party liability, so if anyone gets injured at your house and demands compensation, the insurance policy takes care of expenses.