Frequently Asked Questions about Title Insurance
Lender’s Title Insurance only protects the lender. Owner’s Title Insurance from Crown Title protects you and your investment. Protect your home just as you would protect your home from theft or fire — make sure you purchase Owner’s Title Insurance.
What is owner’s title insurance?
Owner’s title insurance provides you with protection against the loss of your home caused by somebody in the future finding a defect in your title.
What if I don’t have title insurance?
If a problem with your title occurs and you don’t have owner’s title insurance, you could lose everything you’ve invested in your home or face expensive legal costs.
How does owner’s title insurance protect me?
If someone initiates a claim against your title, having owner’s title insurance provides you with a legal defense and, if your title should fail, reimbursement of the equity in your home up to the face amount of your policy. It also covers attorney’s fees. In short, owner’s title insurance protects you against losing your investment in your home.
Doesn’t lender’s title insurance protect me?
No. If there is a complete failure of title, you have no protection and would lose both your property and your equity in the property. The lender, because of their lender’s title insurance, is the only one protected.
What if my attorney reviews the title?
Real estate titles have hazards that even the most competent attorney cannot discover — hidden defects such as improper indexing of records, forgery of documents, unknown or missing heirs, and more. Furthermore, your attorney cannot be held liable should you suffer loss because of any hidden title defects.
How much does owner’s title insurance cost?
In short, not much, especially purchased in conjunction with a lender’s policy. You only pay premiums once — there are no recurring premiums. The policy is effective for as long as you, or your heirs, have any interest in the property. Plus, you are covered even after the property is sold.
When do I need to get owner’s title insurance?
During the purchase of your new home, you should specifically request the option to purchase owner’s title insurance from Crown Title.