Can You Explain the Benefits
of Purchasing Title Insurance?
A title insurance policy provides you with protection when you are buying a home. It will cover you in the event any of a number of past actions threaten the title to your property. Most lenders will require title insurance to protect their interests. That is called the lender’s policy. You should be sure to ask about an owner’s policy as well to protect yourself.
You may save money if you buy the owner’s title insurance at the same time as mortgage title insurance, rather than buying it separately later. It is also possible that you may be able to save money with a “re-issue rate” for your title insurance. This may be available if the property changed hands within the last several years. The title insurance may allow a lower “re-issue rate” premium because the recent title search is still valid. You should consult your title attorney and insurance company.