Owning a home is one of the most significant investments you will ever make in your life. Protecting your assets is not just smart—it's integral. The best way to do this is to purchase both a homeowner’s insurance policy and a home warranty. Keep in mind that you are only obligated by the mortgage company to have homeowners insurance before you close on your new home. This needs to be maintained as long as you carry a mortgage. A home warranty can be purchased at any time.