What is Title Insurance?
Most buyers focus on one type of insurance when purchasing a home – homeowner’s insurance. Rightfully so and understandably as it covers any loss or damage to the home such as a fire. It’s highly advisable that homeowner’s insurance be in place on the day you Close on the house.
There’s a second type of insurance that flies under the cloak of darkness usually never claimed and unknown to the buyer and homeowner – title insurance.
Title insurance covers any disputes or claims regarding a plethora of things such as boundary lines and the deed.
It is customary for the seller to purchase title insurance on behalf of the buyer and the buyer to purchase title insurance on behalf of the lender.