"What is this? And am I required to have it?"

Check with the agent that insures your vehicle. You can usually get a better discounted rate by insuring your car and vehicle with one company.

You will likely want homeowner's insurance whether the lender requires you to have it or not. After all, you will be owning a valuable asset that you will also be living in. If your home burns down, where will you live? And how will you rebuild?

Homeowner's insurance can vary from locale to locale. It all depends on what the insurance will be covering as well as where the home is located.

The Lender always requires that the Homeowners Insurance covers at least the amount of the loan.
Check with your lender for additional requirements.

Yes, it is a requirement to have homeowner's insurance. Basic insurance usually only needs to cover the cost of replacement of the structure.

Insurance that covers damage to the insureds' residence and liability claims made against the insured subject to the policy terms, conditions, provisions, losses not insured provision and exclusions.

Home Owner's insurance is also referred to as Hazard Insurance.