5 REASONS FOR TITLE INSURANCE:
- PROTECTS YOUR LARGEST INVESTMENT
A home is most likely the single largest investment you’ll ever make in your life. You probably insure everything else that’s valuable to you—your car, life, personal property, health, etc.—so why not your largest investment? For a one-time fee, owner’s title insurance policy protects your property rights for as long as you own the home.
- REDUCES YOUR RISK
If you’re buying a home, there are many hidden issues that can pop up after purchasing it. Getting an owner’s title insurance policy protects you from legal title discrepancies. If you don’t think it can happen to you, think again – Here are a few of the many situations that you would be protected from if you have owner’s title insurance policy.
Unforeseeable title claims, such as:
FORGERY: making a false document – For example, the seller misrepresents the identity of the person selling the property.
IMPERSONATION/FRAUD: deception to achieve unfair gain – Example – someone steals your identity and either sells your house without your knowledge or consent, or takes out a second mortgage on the property and walks away with the money.
CLERICAL ERROR(S): inconsistent paperwork and historical records – For example, an unforeseeable discrepancy in the property or fence line causes confusion in ownership rights.
Unexpected title claims, such as:
- Open mortgages and judgments, or liens against the property
- Pending legal action against the property that could affect your ownership
- An unknown heir of a previous owner who is claiming ownership of the property
- TITLE INSURANCE VS. HOMEOWNER’S INSURANCE/HOME WARRANTY
Home insurance and warranties protect only the inside and the exterior of the home. Having an owner’s title insurance policy insures your property rights stay protected.
- HOMEBUYERS AGREE
Each year, the vast majority of homebuyers choose to get owner’s title insurance policy
- PEACE OF MIND
If you’re purchasing a home, owner’s title insurance policy gives you peace of mind with the knowledge that you won’t be left with prior existing debts or legal problems once you’ve closed on your new home.