Insurance Closing Costs
Homeowner's InsuranceThis insurance covers replacement costs for damages caused by fire, wind, or other disaster that might affect the value of the property. Typically, the insurance also includes personal liability and theft coverage.
Flood or Quake InsuranceAdditional hazard insurance coverage that is required for homes located in a designated hazard zone as established by the Federal Emergency Management Agency (FEMA). I will let you know if the property resides in a hazard zone.
Private Mortgage Insurance (PMI)Insurance required for conventional mortgage loans when the borrower's loan amount on the house is less than 20 percent of the sales price (purchase) or home's appraised value (refinance).
Title InsuranceThis policy protects both the buyer and lender by insuring a clear chain of title. (In other words, it insures that that the person who sells the house has the legal right to do so.)