Protect Your Property Rights
Make sure you purchase an owner’s title insurance policy to protect your property rights. Find out how for a one-time fee an owner’s policy can protect your important property rights for as long as you or your heirs own the property. Also, learn about common and real-life title problems that could impact your property rights.
Get An Owner's Policy to Protect Your Property Rights
New homeowners want to focus on buying new furniture for the living room or painting walls, not worrying about having to pay a bill left behind by a previous owner.
Lenders require a title insurance policy to protect their investment. You should have a policy to protect your investment as well. For a one-time fee paid at closing, an owner’s policy can protect your property rights for as long as you or your heirs own the property.
An owner’s policy protects you from:
Unpaid property taxes
Child support liens
Missing heirs who could claim the property belongs to him or her
There are two types of title insurance policies. As mentioned, the owner’s policy protects the homebuyer. A loan policy protects the lender. Most lenders usually require a loan policy when they issue you a loan. The loan policy is based usually on the dollar amount of your loan. It only protects the lender’s interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases each year and eventually disappears as the loan is paid off. An owner’s policy, usually issued in the amount of the real estate purchase, provides protection for as long as you or your heirs have an interest in the property.
FAQs - Owner's Policy
What does owner’s title insurance cost?
The one-time payment for owner’s title insurance is low relative to the value of your home. A typical title insurance policy costs around 0.5% of the home’s purchase price.
How long am I covered?
Your owner’s insurance policy lasts for as long as you or your heirs* own your property. Your life will change over time, but your peace of mind never will.
What happens at closing?
Closing is the final step in executing the homebuying transaction. It is the process that allows the transfer of ownership to occur. Upon completion of the closing process, you get the keys to your home!