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Lenders require borrowers to have an active HOI policy in order to close on a mortgage loan. HOI stands for Homeowners Insurance, also known as home insurance or property insurance.
HOI stands for Homeowners Insurance and is required for all borrowers getting a mortgage. Homeowners insurance policies are required in case anything (fire, tornado. etc) happens to your home so that you and the lender can recoup the value shared in your home.
When you purchase a homeowners insurance policy, when you renew your policy, or when you make any changes to your policy, the company will give you a document called a Declarations Page. The Declarations Page identifies the kinds and amounts of coverage you have and how much it will cost you.
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