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Title Insurance Overview

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Title insurance protects you and your lender if someone challenges your title to your property because of title defects that were unknown when you bought the policy. Most lending institutions will not loan money to purchase a house or other property unless you buy a "mortgagee" title policy.

This policy protects the lender´s investment by paying the mortgage (loan amount) if a title defect voids your title. When you buy a house, the title company also issues an owner´s policy, unless you reject it in writing. The owner´s title policy protects you against the covered risks set out in the policy.

Read your policy carefully. Check the title policy´s legal description of your land against your survey and your earnest money contract before the closing. Your title policy tells you how to file a claim and describes your coverage, including limitations, exclusions, exceptions, and special conditions.


Title Insurance - Do You Know What You Are Getting?

Some kinds of insurance, you can buy or pass up. Some you don´t have a choice. One of those is title insurance, which your mortgage lender will require when you buy or refinance a home. The price of a "loan" title policy, which protects the lender, is part of the closing costs on your real estate deal. In all likelihood, you will close the transaction at the office of a title insurance agent. One of the few choices you have is which title company to use. You are not required to use a title company selected by the builder, real estate agent or mortgage lender.

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Last updated: 2/7/2017