Overview of Title Insurance
Title insurance protects possibly the most important investment you’ll ever make – the investment in real estate.
Title insurance is issued after a careful examination of copies of public records. However, even the most thorough search cannot absolutely assure that no title hazards are present, despite the knowledge and experience of professional title examiners. To help protect you in these events, it is recommended that you obtain an Owner’s Policy of Title Insurance to insure you against most unforeseen problems.
Title insurance also provides protection against defects and hidden risks. To the extent provided in the terms of the policy, title insurance will pay for a defense against any lawsuit attacking the title as insured, clear up title problems or pay the insured’s losses.
For a one-time premium, an owner’s title insurance policy remains in effect as long as the insured retains an interest in the property. Owner’s title insurance, issued simultaneously with a loan policy, is the best title insurance value a property owner can get. A lender goes to great lengths to minimize the risk of lending money for the purchase of real estate. Often, the lender seeks assurance that the quality of the title to the property to be acquired, and which will be pledged as security for the loan, is satisfactory. These assurances are secured by obtaining a loan policy of title insurance.
What Does Title Insurance Protect Against?
- Errors or omissions in deeds
- Mistakes in examining records
- Conflicting wills/undisclosed heirs
- Unpaid taxes
- Unmarketable title
- Legal right of access
Additional coverages are available with extended/advantage policies. Please consult with your sales representative.