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Why Get Title Insurance?

Everyone knows that life is unpredictable.  We plan for one thing, and something completely different happens - hence the need for insurance. Most people purchase insurance coverage for unexpected events such as home owner’s insurance, car insurance, life insurance or health insurance.  Most people even purchase warranties on parts or products that they buy. This is because they don't want to be left with nothing if those unexpected events were to occur. What most people don't usually think about is that the ownership of their home is just as easy to lose as the other things we typically insure. Luckily, there is title insurance.

Title insurance is a one-time fee that can protect your ownership of your property for the duration you own the property.  This fee is paid at closing and is a relatively low one-time fee that offers a high return on peace of mind.  There are two common types of title insurance: Lender’s Title Insurance and Owner’s Title Insurance. 

Owner's and Lender's Title Insurance

Owner’s Title Insurance provides coverage for the title owner against any future claims made against their ownership to the property.  This means that if you purchase owner's title insurance, you are protected against any claim against the property as a whole and claims made to any portion of the property. For example; if your neighbor built a garage and it is discovered that their garage is actually intruding 5 feet onto your property, your title insurance would be utilized. Short and simply, owner's title insurance gives you peace of mind knowing that your ownership of your property is completely protected. Why risk your home? Get owner's title insurance from Penner Law Firm for a low one-time payment and protect your home for as long as you own it.

Lender’s Title Insurance provides coverage for your lender’s position on title to their ownership of your property in a similar manner to which owner's title insurance protects you. This allows the lender to be protected from foreclosing due to a title issue.  Most lenders mandate that Lender’s Title Insurance is a requirement of obtaining a loan from their institution, and is not negotiable. If you choose to refinance your existing mortgage, you will be required to purchase an updated lender’s title insurance policy at that time.

Title Insurance Is Affordable

Unlike almost every other form of insurance, title insurance is only a one-time payment.  The one-time payment at closing is the only title insurance payment you will need to make in order to maintain your coverage - pretty affordable compared to the potential loss that could surround a seriuos title issue!

See how affordable protecting your home can be. Contact Penner Law Firm today or use our instant title and settlement calculator.