Why Do I Need Title Insurance?
The purchaser of real estate needs protection against serious financial loss due to a defect in the title to the property purchased. For a single, one-time premium, which is a modest amount in relationship to the value of the property, a buyer can receive the protection of an owner’s title insurance policy – a policy that is backed by the reserves and solvency of the Company. An owner’s title insurance policy will cover both claims arising out of title problems that could have been discovered in the public records, and those so-called “non-record” defects that could not be discovered in the records, even with the most complete search.
An owner’s title insurance policy will not only protect the insured owner, but also that person’s heirs for as long as they hold title to the property, and even after they sell. The Company will not only satisfy any valid claim made against the insured’s title, but it will pay for the costs and legal expenses of defending against a title claim.
