What is Title Insurance and why do I need it?

title insuranceTwo types of title insurance are available.

Lender’s Coverage is usually required by the lender. Lender’s coverage protects only the lender in the event of a defect in the title to the property. The cost of this insurance is customarily paid by the buyer. Back to top

How much does Lender’s Coverage cost?

The premium for Lender’s Coverage is based on the amount financed or borrowed in connection with the purchase of the property. Rates for each underwriter are filed with the state.

Owner’s Coverage provides the buyer with insurance against loss due to defects in the title not excepted or excluded from the policy. Unlike hazard insurance, the premium for Owner’s coverage is paid once with no recurring premiums. The policy is effective for as long as you or your heirs have any interest in the property. Plus, you are covered even after the property is sold.

Owner’s coverage provides you with a legal defense and, if your title should fail, reimbursement of the equity in your home up to the face amount of your policy. It also covers attorney’s fees charged to defend the title to the property.

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