Title Insurance 101

WHAT IS TITLE INSURANCE AND WHY DO I NEED IT?

A title is the owner’s right(s) to possess and use real property. Title insurance is a contract to indemnify against losses arising through defects in the title to real estate.

Title Insurance provides you a peace of mind by taking the risk out of acquiring property. Through the years, your new property may have changed hands many times and each time was an opportunity for an error to arise.

Owning a home is typically the largest purchase an individual will make. Title insurance eliminates risks and losses caused by faults in title from an event that could have occurred before you purchased the property. Some of the more common problems covered by title insurance include fraudulent deeds & mortgages, unfiled or unpaid liens, mistakes in legal documents, etc.

As opposed to other forms of insurance such as health and automobile that protect you for future faults; title insurance protects the insured from matters or faults from the past.

WHAT ARE THE DIFFERENT TYPES OF TITLE INSURANCE?

Lenders Policy and an Owners Policy:

  • The Lenders Policy is usually required to get a mortgage loan and protects the mortgage lender’s security interest in the property up to the value of the policy.
  • The Owner’s Policy covers the purchase price of the property and protects the interest of the real estate owner.

By searching, clearing and insuring the title to your home before you buy it, your owner’s title policy offers protection for your property rights for as long as you own your home for a one time fee.

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