Better way of adding Image as Block in home page
This is sadly a reasonable solution - one of the easiest. However, as you can see, it's sad because your content - the image - isn't being managed by the entity which is displaying it. This is very confusing when you go back and edit your content. You'll have to wonder - "Where is this being displayed?"

A better solution is to use the BEAN module. This will allow you to build a block type - much like a content type - which has an image attachment. Then, you can manage the display of that image on the block itself. In fact, you can any fields you like to your block type!

https://www.drupal.org/project/bean