Your real estate agent will be able to give you some resources for both. The policies for hazard insurance can vary depending on if you add earth quake and what you want covered and the type of replacement. As for home warranties they don't vary by much there are about 3 to 4 companies which insure for certain failures.
A lot of these you can find my searching on line. Old Republic, First American, Fidelity, American Home Shield to name a few.
You are wondering if increasing your premium by $45 (is this per month or per year?) The difference is 11 payments so are you banking that you will need to come up with an additional $500? If you were to take the $45 per month and put it aside in a savings account then in 11 payments you will have the additional $500 deductible.
What you should measure is your needs in the the event of a loss and will you be able to cover the deductible? Insurance is necessary for your mortgage, but you are banking on a loss.
Discuss this with your insurance provider.... more