What is Title Insurance and Why Do I Need it?
Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the title policy. Each title insurance policy is subject to specific terms, conditions and exclusions. In short, it guarantees that you own the property for which you bargained.
Even though you pay for this policy only once, your coverage will last as long as you own your home. A real estate purchase may be the largest financial investment you ever make. When you buy an owner’s policy of title insurance, you are buying peace of mind.