Real estate, the nation’s largest market, is essential to the health of the US economy, but transactions are not risk-free. For over 130 years title insurance has been protecting American property owners.
When a property is purchased, sold or financed, a record of the transaction is recorded in public record. Liens, encumbrances, etc. are also recorded and can affect ownership. When you purchase title insurance, we search these records to find issues that may affect ownership and, if possible, remedy them.
When the title issues have been resolved, the settlement can proceed and clear title is insured. Your title insurance policy remains in effect for your entire ownership of the property for the one premium paid at closing.
Despite the diligent efforts of even the most skilled title professional, risks of title problems more difficult to uncover still exist. Filing errors, forgeries, and undisclosed heirs can surface. Your title insurance policy plays a key role in protecting your real estate investment.
With auto or health insurance policies, the insurance company assesses the risk of insuring you and bases its premium on that risk. These types of insurance assess risk of future loss. Title insurance helps eliminate risk. Loss of property ownership rights due to existing issues with the title is a risk with any real estate transaction. Your title policy offers financial indemnity against any of these defects that may turn up.
With title insurance, we first work to identify the status of ownership, liens, and other matters affecting title. This process is called the search. Once the search is complete, we can then determine the insurability of the title and list exceptions from coverage and requirements to insure. From that point, we work with all parties to clear issues and fulfill insurability requirements to move your transaction to closing smoothly.
The Loan Policy is required by most lenders to insure their interest in the property. This policy protects the lender until the mortgage is paid off.
As a buyer, you also want to protect your investment. Your Owner's Policy will protect your rights as the property owner for as long as you or your heirs have an interest in the property, all for a one-time premium.
If you are purchasing your primary residence, you have the option of purchasing an Enhanced Owner's Policy which offers additional coverage. Enhanced Coverage Title Insurance provides a lifetime of increased protection for your property. This product provides protection AFTER the date of the policy and INCREASES ANNUALLY up to 150% over 5 years, still all for a one-time premium. This Comparison Sheet shows what’s covered under the Standard and Enhanced policies.