You can't really eliminate the risk of price fluctuations, but you can cover more catastrophic situations.

The first issue to buy insurance for is title. Title is pretty much what it sounds like. It is the record of the transfer of the property to you. Ah, but what if something goes wrong with title? What if the property you think you are buying is actually a much smaller plot of land? What if there is a dispute as to who owns the property? This can often happen when a home is being sold by heirs or through a divorce. The end result is you may not end up owning what you though you were buying or anything at all.

Title insurance eliminates much of this risk. It should ALWAYS be obtained. It usually is paid for during the escrow of the property and will always be required if you are using a loan to buy the property.

Once you actually own the property, there are a wide variety of insurance products you can buy. Your mortgage lender, if you have one, will detail the minimum you must carry. Regardless of what the lender demands, you should always carry comprehensive homeowner's insurance. This will cover damage to the property, liability protection and most common risks.

Above and beyond this, however, you might want to carry specialized insurance for things you run into in your particular geographic area. Depending on the insurance carrier, you might be able to add a wide variety of coverage as something known as "riders" to your general policy. This basically means add-ons.