When buying a home, you have so much on your mind that it’s easy to overlook something of importance. While title insurance may not be your top priority, it’s critical to protecting your investment.
Title insurance provides coverage against financial loss associated with a covered defect in the title.
Here’s a list of the top benefits associated with title insurance:
- Protection for as long as you own the property
- Protection from the cost of any expenses incurred while defending against a title related matter.
- Protection against a variety of covered risks, including but not limited to: fraud, forgery, real estate tax lien, unpaid mortgages, easements, and unmarketable title.
Along with the above, title insurance also gives you peace of mind. While you hope to avoid trouble with the title of your new home, you never know what could happen.
Does the Lender Benefit, Too?
As a home buyer, the benefits of title insurance are clear. However, you’re not the only party benefiting from this purchase.
Lenders also benefit from title insurance, which is why most require the buyer to purchase a lender’s policy on their behalf.
This is designed to protect the lender from financial loss associated with covered risks. It also ensures that the mortgage is the only lien against the house at the time of purchase.
As you inch closer toward purchasing a home, learn more about title insurance. From the coverage to the cost and everything in between, you want to know exactly what you need and exactly what you’re getting in return for your money.
If you’re in the market for title insurance, contact us at your earliest convenience. At Action Title Services, we have more than 30 years experience serving the Naples area.