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Benefits of Title Insurance
What is Title Insurance?
Title insurance protects your legal rights over the property, occupancy,
use, control, and disposition of the property
What Is a Title Search?
- Before issuing the title insurance policy, the title insurance company will perform
an extensive search of relevant public and historic records related to the
Why Do You Need Title Insurance?
- There are two different types of title insurance. The policy issued for you, the
owner of the property, will protect against any loss arising from a valid claim.
The insurance company will pay for any legal fees involved in defense of your
rights, but upon a loss will reimburse you for any loss in the value of the
property. The lender policy is needed to cover the amount of the mortgage and
protect their investment.
Is Title Insurance as Important as Homeowner’s
- Generally speaking, homeowners insurance protects against theft or damage.
If a fire were to destroy your home, you would be able to rebuild or buy a new
home. Buy if your property title has defects, you could lose any rights over the
house and the property on which it has been built.
How Much Does Title Insurance Cost
- Title insurance rates vary in different counties, but you only pay a one-time
premium and there are no monthly payments.
How Long Does Title Insurance Coverage Last?
- The policy for you, the owner, will last as long as you or your heirs have an
interest in the property. The policy for the lender will last until the mortgage is
paid in full.