Homeowner's Hazard 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.

Normally if your purchasing a Single Family Detached home you can expect to pay the first year of hazard insurance upfront and up to two months impounds to the lender to fund your new Lenders Escrow Account.   

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). Refer to Hazard insurance. Same rule applies. 

Private Mortgage Insurance (PMI)IS NOW TAX DEDUCTIBLE
Insurance required for conventional mortgage loans when the borrower's down payment on the house is less than 20 percent of the loan value. This insurance is now Tax deductible up to income limits of $110,000.

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.)  This is a one time fee paid at closing to the Escrow company.