how to insert if row does not exist (upsert) in sql server code example

Example: sql upsert

update table1 
set name = 'val2', itemname = 'val3', itemcatName = 'val4', itemQty = 'val5'
where id = 'val1'
if @@ROWCOUNT = 0
insert into table1(id, name, itemname, itemcatName, itemQty)
values('val1', 'val2', 'val3', 'val4', 'val5')