If all goes well and you are one step closer to purchasing a home, your bank or mortgage lender will require that on closing, you have property insurance. If something were to happen to the home, your lender needs to know that the home is properly insured to cover the cost of replacement of the home and its contents.
Again these fees vary so inquire with your real estate agent as to the fees in your area. Look for discounts with insurance companies that you currently use. They sometimes offer multi-policy discounts if you have other policies with them. Many new insurance companies have entered the market and the industry has become very competitive, so shop around.
Approximate Cost: $350-$600
One-time Cost that you can pay monthly