Homeowner’s Title Insurance: Do I Really Need Owner’s Title Insurance?

​No one will dispute that real estate closing costs take a chunk out of the house buying budget! That’s why one of the places buyers look to reduce costs is by passing on homeowner’s title insurance.
 
It’s a risky business.

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Banks require the buyer to buy lender’s title insurance to cover the bank’s loan investment. But no provision is made for the buyer to cover their own investment. That’s where homeowner’s title insurance comes in.
 
A policy on the deed of your home, this one-time expense protects you from anyone who challenges your ownership because of an event that occurred with the previous owner.
 
Think forgery, fraud, lost wills, mistakes in descriptions, illegal trusts, undisclosed or missing heirs, and more. If you don’t have homeowner’s title insurance, you are not protected from many of these common misdeeds. However, the bank’s policy will protect them…and you paid for it!

Benefits of Homeowner’s Title Insurance

​Because for many people, the biggest investment of their lifetime is buying a home, it makes sense to protect such a valuable purchase.
 
With homeowner’s title insurance, you’re protected from future losses if a claim is made against your property. Unlike car or health insurance, the premium is a one-time payment that protects for as long as you own the home.
 
Basically, homeowner’s title insurance protects you from what isn’t legally recorded by law. It gives you peace of mind!
 
Additionally, if you decide to sell your home, it can protect you from financial loss for covered risks. In most cases, it ensures that your mortgage is the only lien against the property.
 
Lenders understand the tremendous value of this insurance. It’s why they have buyers purchase it. 
To learn more about the homeowner’s title insurance we offer and what it can cover, click here.
 
You’ve worked hard to save money to buy your home. Protect it!