Which of the following would NOT typically be prorated on a closing statement?

When preparing a closing statement, certain items are typically prorated because they are ongoing expenses that may need to be divided between the buyer and seller based on the closing date. Homeowner's insurance premium is generally paid in full at the time of renewal and does not usually require proration at closing.

Conversely, property taxes, rental income, and mortgage interest are often prorated since these amounts can vary based on the amount of time each party will own or control the property within the current payment period. Property taxes may be adjusted according to how many days each party has owned the property during the tax period. Similarly, rental income would be prorated to account for the days the seller or buyer collects rent after closing. Mortgage interest is also prorated based on the number of days the seller has owned the property in the current payment period up until closing.

Therefore, the homeowner's insurance premium stands out as the item that is not typically prorated on a closing statement, as it is commonly handled as a lump-sum payment and does not require adjustment for the closing day.