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Title Insurance and Why You Need It
Mar 31, 2014
As a homeowner, you’re likely to face many issues that arise unexpectedly. But homeowners overlook those that are directly related to the title of their property. Obtaining title insurance for your home is the best way to cover yourself from these risks.
Your home’s title grants you ownership of the property. Protecting your title provides benefits that include savings in cost and peace of mind. In the event of title defects or challenges to your ownership right, title insurance fully protects you when you need it.
Title Insurance and Your Home
With title insurance, you can protect yourself against the loss of any defects in your title. The policy covers claims that are made against the property that haven’t been covered elsewhere. This adds another layer of protection to you and your home.
Title defects such as encroachments, outstanding liens, or survey errors can be costly. With title insurance policy, you’re protected for the duration of your ownership.
Benefits of Title Insurance
Purchasing a title insurance policy gives you many benefits. The policy protects you against fraud and errors in public records or surveys.
Encroachments involve property disputes with neighbours. It occurs when the boundaries of properties are unclear, and neighbours expand theirs in a way that violates your rights. Title insurance can cover any related costs of surveys to prove that encroachment has occurred.
In the case of easements, rights are acquired to access your property for public works and utilities. Examples include access roads, sewer lines, and gas transmission lines. Having a title insurance policy in place gives you the protection you need against easement on your property.
Most importantly, title insurance saves you money. A one-time premium can be paid in the instance of closing or refinancing on your home. In addition, you may also obtain the option to purchase a policy at any time.
Having title insurance gives you the reassurance that the insurer will protect you in cases of title defects. It will ensure that you maintain “good title,” allowing you to sell your home in the future as well as obtain refinancing when you want it.
Title insurance is inexpensive and protects you against unforeseen issues related to your title. As a homeowner, you risk facing challenges on your property including encroachments, easements, and other title defects. By making the decision to purchase a title insurance policy, you’ll be getting the protection you need with the peace of mind you deserve.