What is Title Insurance?

For many, the purchase of their home is one of the biggest financial investments they will ever make.  When one purchases title insurance for their property, a title search is conducted to find and remedy several types of ownership issues.  However, even the most diligent title search may not uncover all problems associated with a property, such as title issues due to filing errors, forgeries, or undisclosed heirs--just to name a few.  Title insurance protects new home and land owners from such issues, which might not arise until long after the purchase of the property.  For a one-time premium, new home and land owners can purchase an owner's policy of title insurance to insure their ownership rights to the property with coverage up to the full purchase price paid for the property.  This coverage lasts as long as the insured purchaser owns the property.  In the event that there is ever a title claim against an insured owner, an owner's policy of title insurance will cover the legal costs associated with the claim.  Without title insurance, one risks losing the money or equity they have in the property.

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