The core coverages
Dwelling coverage pays to repair or rebuild the physical structure of your home after a covered loss. Other structures extends that to detached things like a garage or fence. Personal property covers your belongings, and loss of use helps with extra costs (like a hotel) if you can't live at home during repairs.
Personal liability protects you if someone is injured on your property or you're responsible for damage, and it can include legal costs. Many policies also offer medical payments for minor guest injuries regardless of fault.
What's usually excluded
Standard homeowners policies generally exclude flood damage — that's purchased separately through the NFIP or private flood markets. Earthquakes are typically excluded too. Wear and tear, neglect, and certain high-value items (jewelry, art) beyond a sub-limit usually need to be scheduled separately.
Replacement cost vs. actual cash value
How a policy pays a claim matters as much as what it covers. Replacement cost pays to replace items at today's prices; actual cash value subtracts depreciation. An agent can explain which your policy uses and whether it's right for you.