InsuranceAgents.com Discusses the Importance of Title Insurance
Although title insurance comes off as a complicated concept, it simply protects homeowners from any financial losses that could result from problems connected to the title of your property. Before you purchased your home, chances are it went through several different owners. Title insurance allows you to avoid having to pay for any claims and legal fees that could arise from problems previous owners caused.
Two standard policies exist:
1. Owner’s policy. This policy is purchased separately by the homeowner.
2. Lender’s policy. This policy is required by all mortgage lenders, but it does not protect the owner of the home.
There are many situations where a title insurance policy comes in handy. Here are some of the most common problems an adequate policy can protect you against:
• Heirs magically reappearing to claim stake to your new property
• Deeds that were forged
• Incorrect legal documents
• Mishandling of previous deeds
• Previous liens placed on the property
All of the above problems can cause major headaches for you and your property, so make sure you take care of the problems before they emerge.
Protect Yourself with Title Insurance
If you need a mortgage, you are required to obtain a policy by most lenders. Although it might seem like an unnecessary purchase, an adequate policy can protect you from losing an extensive amount of money from annoying problems. Contact an insurance agent that specializes in title insurance today to finally shut the door on your property’s past.
Staff contribution: Rafael Onak
Visit InsuranceAgents.com for more information.
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