When it comes to title insurance, it can be described as an insurance policy whereby one tends to buy from a title insurance company and get to buy a property or even a home. With title insurance, one is always assured of protection from themselves and their lender in case there is a loss or even a property dispute occurs. For the title insurance company, it searches public records such as deeds, liens, claims, maps and even tax records to ensure that no problem occurs in the ownership of the title as well as for the history of the property that one tends to buy. However, there are different types of title insurances. One of the title insurances is known as lender insurance whereas the other one is called the owner insurance. For the owner insurance, it tends to protect one especially the buyer from any issues that might tend to emerge when one is already done with the sale. Some of the issues may include forged documents, human error, missing heirs, or even legal descriptions which might be incorrect. With an owner’s policy, it gets to protect the individual from any loss which might occur and is personal such as a legal expense and when it comes to annual premiums, they are always not there since one gets to pay them immediately the policy is issued.
With this one, it always ensures the individual for as long as they are the ones who own the specific property since the protection tends to be limited to the policy of the face amount which is mostly the market value when one buys it. If one needs to cover any increases in the value of their property, the best thing to do is, buying coverage that is additional although through one’s title insurer. For the lender insurance, it tends to protect one’s lender against any losses that might happen due to some defects that might be of unknown title. It also guarantees the lender in such a way that they have an alien that is first against the property. One policy of title insurance is that it gets to provide any protection to the insured in case it happens that claims might be made against the right of ownership. In case there is an ownership of a property which might be in the process of some transfer, it is always on customary for the seller for them to be able to provide a policy of title insurance to the buyer hence guaranteeing them that when the ownership is being transferred its free from any defects which might be known or even encumbrances. Having title insurance is always important as it mostly gets to protect the investment of an individual. This is because, when an individual gets to purchase a home, it goes hand in hand with purchasing different insurance coverage to protect the personal property as well as the home and the title insurance gets to be among them since it protects one against any title hazards which might be hidden and may end up threatening one’s financial investment in their homes.