903 - Hazard Insurance Premium
INLOAN will require that you insure the property you are buying, since the property is collateral for the loan. At the time of closing you must pay the entire first year's premium or prove that you already have sufficient coverage (i.e., in the case of refinancing). If you are purchasing a condominium, your association policy will already cover your unit and you will not need to make this payment though proof of coverage is still required. The cost of hazard or homeowners' insurance depends on many factors, including location, property value, types of coverage and deductibles. We have used an estimate based on actual costs of funded loans by state. It is calculated as a percentage of the property value, but we recommend you consult with an insurance company for a more accurate quote.