What is title insurance?

Buying a home is costly, but it could cost even more if your purchase comes with unknown tax liens, forged signatures or title defects. Title insurance is a one-time premium paid when you close on your property that protects you from these high-dollar headaches. There are two types of title insurance policies. An owner’s policy covers you for as long as you own the property. A loan policy protects your lender's rights if you obtain a mortgage.

How does it protect you?

Title companies conduct a search for any defects or problems with the title that need to be addressed before you buy the property. These might include another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements, and other claims. If a challenge to your ownership arises after your purchase, your title company will handle the dispute on your behalf.

Find a local agent

Closing policies can vary depending on where you live. Shopping for your settlement or title agent is the best way to save money and ensure your closing is handled to your liking. Check out this list of American Land Title Association (ALTA) member companies near you who can conduct your closing, issue your owner’s policy, and help protect your investment.

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to find your local agent.