Why Do I Need a Policy?

There’s a very good chance the house you’re purchasing has gone through a few ownership changes. In all this time, there may have been unknown liens, errors in public records, a third party’s claim over the property, or boundary disputes. The good news is that a property title insurance policy protects you from any of these problems as well as additional problems connected to the title of a home.

How Do They Benefit Me?

Title insurance protects owners from liability from overlooked home defects, for instance. These also include forged documents, unexpected heirs who claim the home after the sale of the property, back taxes, and withdrawal of the closing process by either the buyer or lender.

Property records are searched to make sure there aren’t any errors or omissions, liens, or frauds. This policy is true assurance that the seller owns the property and can sell it freely.

So How Long Does Coverage Last?

This coverage is in effect for as long as the property buyer owns the property. Many are surprised to learn that the owner’s legal heirs are also covered for this length of time.

The average policy is pretty standard. Additional coverage isn’t commonly needed, however, if you believe you have good reason to purchase a policy that is more extensive, go for it! Since most families tend to own homes for years, it’s very likely they’ve forgotten about their title insurance policy. The papers might be sitting at the back of a drawer you haven’t seen in a while!

This doesn’t mean the coverage is expired, and it doesn’t mean you have any reason to believe you don’t have it any longer. The majority of owner policies are in effect indefinitely.

For any questions about your title policy, what it entails, and how long you’re covered for, contact your provider. They should be able to send you the paperwork with all the details.


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