IMHO, the three most important things to look for are:

1) how high is the deductible? In general, you'd probably rather have a slightly higher deductible to get slightly cheaper insurance, but you want to make sure you can tolerate whatever the number is.

2) what happens if your house burns down? I'm using fire as an example, but you really want to know what happens in the worst-case scenario. There's a distinction between the insurer giving you the "value" of the house -- which is what it's worth if someone else buys it -- and its "replacement cost" -- which is what it would cost if you had to rebuild it over. For older houses, value might be significantly under replacement cost, so you want to be aware of that.

3) liability. Not technically "homeowners" -- which we think of as fire and flood -- but one of the most common risks is that someone trips on your front step and sues you for half a million bucks, so you want to be insured against that.