Title insurance is a means of protecting yourself from financial loss if problems arise regarding property ownership rights. There may be hidden title defects that even the most careful title search may not reveal. In addition to protection from financial loss, title insurance pays the cost of defending against any covered claim.
The one-time premium is directly related to the value of your home. Typically, it is less expensive than your annual auto insurance. It is a one-time-only expense, paid when you purchase your home. Yet it provides complete coverage for as long as you or your heirs own the property.
While buyers do have the option to waive their owners policy, it can protect you against losing your equity and your right to live in the home if a claim arises after purchase.
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