This chapter introduces the Hubbard model and its applicability as a corrective tool for accurate modeling of the electronic properties of various classes of systems. The attainment of a correct description of electronic structure is critical for predicting further electronic-related properties, including intermolecular interactions and formation energies. The chapter begins with an introduction to the formulation of density functional theory (DFT) functionals, while addressing the origin of bandgap problem with correlated materials. Then, the corrective approaches proposed to solve the DFT bandgap problem are reviewed, while comparing them in terms of accuracy and computational cost. The Hubbard model will then offer a simple approach to correctly describe the behavior of highly correlated materials, known as the Mott insulators. Based on Hubbard model, DFT+U scheme is built, which is computationally convenient for accurate calculations of electronic structures. Later in this chapter, the computational and semiempirical methods of optimizing the value of the Coulomb interaction potential (U) are discussed, while evaluating the conditions under which it can be most predictive. The chapter focuses on highlighting the use of U to correct the description of the physical properties, by reviewing the results of case studies presented in literature for various classes of materials.