It can be a great investment to have title insurance. It protects you in the event that someone else steps forward to claim your house after you have paid for it. You can also hire title insurance companies through clearskiestitle.com.
This could be due to errors in titles or a missing link in the property's ownership history. A process is used to verify that all title information has been properly accounted for.
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Why do so many people use it?
Homeownership can bring about many unexpected and unavoidable risks. Title insurance can help you avoid financial loss by protecting your home from someone who might try to claim it. If a bill is not properly recorded at the county department of taxation, it could put your home at risk.
How about someone who is a fake identity or spouse? What happens if the long-lost heir of the owner of the property comes forward with claims? It could happen.
Lenders require it
Lenders coverage may be required by your lender. In cases where there is a rightful claim on real estate, this will provide some protection for both you and the lender. The protection generally covers the original mortgage amount.
If you do make a claim, the lender will not be liable unless it is proven in court. This protection is a positive thing as the lender could make you responsible if you don't have it.
Insurance for the Owner
Although the lender's coverage may not sound beneficial, the owner's coverage could be. This type of insurance can protect your equity as you become more owner of the property.
Remember that anyone can take over the property at any point in your ownership, even ten years after you have purchased it. This protection is good for this reason.