Homeowner's Insurance
This 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 Insurance
Additional hazard insurance coverage that is required for homes located in a designated hazard zone as established by the Federal Emergency Management Agency (FEMA). An appraiser, inspector, or your realtor can let you know if a property resides in a hazard zone. If you are buying in an area that may be "redisignated? by FEMA as being in a flood area.. it may be prudent to BUY your flood insurance now.  Flood insurance is reasonably priced in "non" designated flood areas.  If the designation changes then the cost skyrockets.  Additionally, the innsurance stays with the property.  Meaning, that if you sell your home, the new buyer would also have the lower rate, making your property more valuable to interested home buyers.

Private Mortgage Insurance (PMI)
Insurance required for conventional mortgage loans when the borrower's down payment on the house is less than 20 percent of the loan value.   Private Mortgage Insurance comes in may varities.  Annual, Monthly, Lender Paid, Split Premium.  Be sure to talk with your lender about the what will be your best choice.

Title Insurance
This 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.)