A standard homeowner’s insurance policy generally protects against (among other items):
• Fire and lightning • Damage from hail and windstorms • Theft and vandalism • Smoke damage • Falling objects, like tree branches • Damage from the weight of ice, snow, or sleet • Frozen plumbing, heating, AC, or other household systems • Damage done by other vehicles • Riots or civil commotions • Explosions
Homeowner’s insurance policies also generally include coverage for liability, personal belongings, other structures on your property like fences, and additional living expenses if your home becomes temporarily unlivable.
Step 4: Get a Home Warranty
In addition to obtaining homeowner’s insurance, it’s also a good idea to protect yourself with a home warranty as part of the closing process, to give you peace of mind and help you sleep at night. Essentially, a home warranty is a way of protecting yourself from expensive, unexpected repair bills. The cost of a home warranty is generally not too high, often between $250 and $1,500, depending on the coverage. The payment must be made one year in advance.
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