Homeowner's Insurance   (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.

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. It is important to understand that if you have a conventional loan, PMI will go away once you can prove you own 20% equity in your property.  That can be accomplished by paying down the loan or the value in the marketplace goes up.

Please also note that if you do a FHA loan PMI will exist for up to 5 years regardless.  However on a VA loan there is NO PMI.  That is a tremendous advantage for our men and women who have served.  I myself am a Veteran during the Viet Nam era war.

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.)