Title Insurance—What is it and why you need it!

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We hear about it all the time. Title Insurance.

What is the title they are talking about? Well, it is the ownership you have on the home you just went through all the hoops you jumped through to get the closing at the closing table. It means that you own the home with no problems from others coming forward such as heirs saying that your home is their home. Title insurance protects you against that.

Title insurance protects you BEFORE something occurs so if and when it does since you paid for the insurance at the closing table. It is kind of like pre-coverage just in case something comes up that the title search didn’t reveal.

Failure to purchase the owner’s policy can be very risky. For instance, say you decide at the closing table to “SAVE” the cost of an owner’s title policy because the title had already been checked. However, unknown to the home buyer, the developer had not paid the construction bills on the home. A mechanic’s lien had been placed on the home and since the homeowner decided NOT to purchase the owner’s policy which would have protected the home buyer who was attempting to save money.

Attempting to save money costs the home buyer thousands of dollars. Don’t make the same mistake, PURCHASE YOUR TITLE INSURANCE!

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