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Title insurance protects buyers and lenders from financial loss due to defects in a property's title. It's a type of indemnity insurance that's commonly used in the United States and Canada.
How does title insurance work?
- Protects against lawsuits challenging the title
- Reimburses the insured for monetary losses up to the policy's limit
- Covers a variety of title issues, including unpaid taxes, fraud, and undisclosed heirs
- Focuses on risk prevention rather than risk assumption
Types of title insurance
- Lender's policy: Protects the lender's interest in the property
- Owner's policy: Protects the property owner up to the original sales price
When is title insurance needed?
- Most finance companies and banks require it to cover at least the cost of the loan
- It can be invaluable if an unknown heir claims ownership of the property
Title insurance costs
- You pay the premium one time, when you close on the sale of the property
- There is no extra charge for an inflation rider that increases coverage over time
How does title insurance work?
- Protects against lawsuits challenging the title
- Reimburses the insured for monetary losses up to the policy's limit
- Covers a variety of title issues, including unpaid taxes, fraud, and undisclosed heirs
- Focuses on risk prevention rather than risk assumption
Types of title insurance
- Lender's policy: Protects the lender's interest in the property
- Owner's policy: Protects the property owner up to the original sales price
When is title insurance needed?
- Most finance companies and banks require it to cover at least the cost of the loan
- It can be invaluable if an unknown heir claims ownership of the property
Title insurance costs
- You pay the premium one time, when you close on the sale of the property
- There is no extra charge for an inflation rider that increases coverage over time