index.php or home.php Not Displaying

After I deleted the default page About, index.php or home.php no longer displays on homepage. How do I fix this?

index.php

<?php get_header() ?>

	<div id="content">

		<?php while ( have_posts() ) : the_post() ?>
		<div id="post-<?php the_ID() ?>" class="post">
			<h2 class="post-title"><a href="<?php the_permalink() ?>" title="<?php the_title() ?>" rel="bookmark"><?php the_title() ?></a></h2>
			<div class="post-meta">Posted on <?php the_time('F j, Y'); ?> in: <?php the_category(', '); ?><span class="sep">|</span><?php comments_popup_link('Post Comment', '1 Comment', '% Comments') ?></div>
			<div class="post-content">
				<?php the_content('Click here to read more &raquo;'); ?>
			</div>
		</div><!-- .post -->
		<?php endwhile ?>

		<div class="navigation">
			<div class="navleft"><?php next_posts_link('&laquo; Older Posts', '0') ?></div>
			<div class="navright"><?php previous_posts_link('Newer Posts &raquo;', '0') ?></div>
		</div>

	</div><!-- #content -->

<?php get_sidebar() ?>
<?php get_footer() ?>