Answer:
1. Protection from certain perils named in the policy that may occur to the structure of the dwelling.
2. Protection from loss or damage to certain contents of the dwelling, subject to the terms and conditions of the policy. This supposes that contents coverage is purchased, rather than dwelling coverage only.
3. Liability protection. This relates to the fact that the homeowner's insurer will defend and indemnify the insured, subject to the conditions and limits of the policy, for certain negligent acts of the insured that result in bodily injury or property damage to another. Note, though, that this element of coverage is not usually part of a dwelling-only policy (which covers only the physical structure of the home).