- Insurance contract that protects the owner against losses due to defects in their title ownership to their real estate;
- Covers title defects as shown in the table below, such as missing signature by a prior owner or heir or more common problems such as missing proof (ie: recorded discharges) that liens of prior owners were paid off;
- We typically issue expanded title policies (ie: Eagle coverage) which cover losses that are not part of the title search (ie: Missing zoning permits)
What does Title Insurance Cost?
- Cost is directly related to the value of the real estate and is only paid once (unlike auto & home insurance) for the purchase value;
- Protects during the policyholder’s ownership and even after they sell, if a subsequent buyer tries to make claims later on.
What is Lender’s Title Insurance?
- Lender will require own their own coverage for a purchase or refinance;
- Only protects the lender if a title defect or problem arises which affects their loan, which typically occurs upon or after foreclosure (at which point the owner is out of the picture);
- A significant discount is given on the cost when you buy both an owner’s and lender’s policy, so that is advisable at the time of purchase.
What does Owner’s Title Insurance Actually Protect & Pay For?
- Defends against a claim or lawsuit attaching your title to your real estate, including attorneys fees and court costs;
- If the claim proves valid, your losses will be paid pursuant to the policy.
- We are agents and issue policies for 3 of the largest nationwide title insurance companies:
- First American Title Insurance Co.
- Olde Republic Title Insurance Co.
- Chicago Title Insurance Co.