When you buy a home, you’re going to have to buy title insurance with it.
So what is it, and why do you need it?
What is a Title Insurance Policy?
Title insurance is a form of indemnity insurance that protects a lender from financial loss if there’s a defect in a property title.
What Are Title Defects?
The term title defects is pretty broad. It refers to anything that can affect your ownership of the property, like another person claiming ownership, improperly recorded documents, fraud, and forgery. There are several possible title defects, which is exactly why your title insurer will conduct a thorough search that goes back several years.
What Does Title Insurance Do?
If someone comes forward and says they actually own part of your home after you’ve purchased it, the title insurance kicks in and defends the title. If necessary, the title insurance company will pay losses that fall under the policy’s coverage.
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