• 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 Warrant
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 $350 and $600, depending on the coverage. The payment must be made one year in advance. Depending on the local market as well as on the deal, the home warranty can be paid either by the seller or by the buyer. A home warranty paid for by the seller can be a negotiation point or inducement offering to protect the buyer from having to do any additional, expensive repairs to the house after the deal is closed.
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