How is Real Estate Title Insurance Different than Other Insurance?
28 May 2019
If you’re a first-time homebuyer, you might think that title insurance works in a similar way like health or life insurance. Do you pay a monthly premium and your house is protected? No, in this case, title insurance is unlike health or life insurance, because it offers a low, one-time buy that covers you for the however long you own your property. Whether you own a home or a business, title insurance is something that you will want to purchase to protect your property or business from any claims or legal issues that may arise down the road after you purchase the property. Even if you pay cash for your property, you should still plan to buy an owner’s title insurance policy to protect yourself against any out of the blue claims that might crop up. Perhaps a previous owner of your property just suddenly appears out of the blue and decides to contend your ownership. This is where your title insurance company would step in and handle any legal dispute in court. They would be responsible for any losses and costs incurred form a court case. Title Now, LLC, is a real estate title company in Fort Lauderdale that handles all kinds of real estate, escrow and title transactions. We have a staff of experienced attorneys who will fight for your rights in court and out.
What an Owner’s Title Insurance Policy Covers
Your owner’s title insurance policy will be your saving grace and protect you if any of the situations below happen to crop up:
- A person other than yourself claims they own an interest in the property
- Fraud, undue influence, duress, incompetency, incapacity, or impersonation
- Defective recording of a document
- Covenants that are restricted
- Discovery of undisclosed liens due to a deed of trust, unpaid taxes, special assessments or homeowner’s association charges
- An unmarketable title
- Limited or no access to and from the land
It’s important to ask your real estate title insurance agent to explain what is and is not covered under your owner’s title insurance policy. At Title Now, LLC, we have the years of experience to guide you and the knowledge to help you understand exactly what you need to know about your title and how purchasing owner’s title insurance is a smart decision and can provide reassurance. We are here 24/7 to help with a quick 24-hour turnaround in most cases for all documents you need to be processed. Our team of exceptional processors and attorneys always have your best interests at heart with the utmost client satisfaction in mind. Call us today at (954) 947-2040.