What Types of insurance important for a household?

Renters need rental insurance (the landlord does not insure renters' personal property such as furniture). Homeowners need property insurance. Some homeowners also take out life insurance in an amount sufficient to pay the mortgage in the event of the death(s) of the wage earner(s). Everyone who isn't eligible for Medicaid/CHIP needs health insurance, at least catastrophic coverage. Fortunately, health insurance reform will make this possible in the next few years.

Each wage-earning parent needs enough life insurance to ensure that their child[ren] will be taken care of, including college if that's a possibility.