I didnt know that Private Mortgage Insurance doesnt protect you or your home.It protects the lender incase you default payment.So does that mean i need another insurance incase my home or property is damaged?

If your property is damaged then it's Building Insurance that you need to rely on - this can be a prerequisite of getting a mortgage approved in the first place, so if you do own your own home, there's a very good chance you already have it.