Benefits of Title Insurance
You may be wondering what the benefits of title insurance for your home are. Below are 7 Reasons why every home buyer should consider having title insurance. Buying a home is an exciting and emotional time for many people. To help you buy you home with more confidence, make sure you get owner’s title insurance.
1. Protects Your Largest Investment
A home is probably the single largest investment you will make in your life. You insure everything else that’s valuable to you – your life, car, health, pets, etc., so why not your largest investment? For a one-time fee, owners title insurance protects your property rights for as long as you own the home.
2. Reduce Your Risk
If you are buying a home, there are many hidden issues that may pop up only after you purchase your home. Getting an owner’s title insurance is the best way to protect yourself from unforeseen title discrepancies. Don’t think it will happen to you? Think again. Title claims can include:
- Outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxes.
- Pending legal action against the property that could affect you.
- An unknown heir of a previous owner who is claiming ownership of the property.
3. You Can’t Beat The Value
Owner’s title insurance is a onetime fee that’s very low relative to the value it provides. It typically cost’s around 0.5% of the home’s purchase price.
4. Covers Your Heirs
As long as your or your heirs own your home, owner’s title insurance protects your property rights.
5. Nothing Compares
Homeowners insurance and warranties protect only the structure and belongings of your home. Getting owner’s title insurance ensures your property rights are protected.
Each year more than 80% of America’s home buyers choose to get owner’s title insurance.
7. Peace of Mind
If you’re buying a home, owner’s title insurance lets you rest assured, knowing that you’re protected from inheriting possible debts or legal problems, once you’ve closed on your new home.
Information Courtesy of California Title Company