4 Reasons You Need Owners Title Insurance

There is a lot to think about when buying a home. From mortgage costs to property taxes to homeowners and mortgage insurance. Some people don’t want to think about Owners Title Insurance as well, but they should. Here are 4 reasons why you will be happy you took the time to find and buy an owners title insurance policy.

Title Insurance Protects Your Investment

A home is a large investment. For many people it will be the single largest investment they have. (I do know someone who bought a truck that cost more then their mobile home, and I know someone else with a Lamborghini that cost more then their condo, but for the average person, the home is the most valuable investment they have). Title insurance protects that investment from any legal issues that may come up from before you purchased the property. You protect your car, your home, your property, and even your life with insurance. Title Insurance protects your title to the land and home you live in. 

Title Insurance Reduces Your Risk

Owners Title InsuranceEven if you are building a home, that property that it is sitting on has been there for a long time, and likely has had several owners before you. Any one of them could have left baggage attached to the title like outstanding mortgages, liens or judgments.

There could be clerical errors like a discrepancy in the property line, or undiscovered easements that cause someone else to claim ownership over part of your property. 

If someone steals your identity, they may be able to take out a second mortgage on your property and walk away with the money leaving you with a debt against your property. 

Title Insurance Gives You Piece of Mind

If any of these legal issues or existing debts come to surface on a home after the home sale is complete, title insurance settles the debt, or defends you in court. New homeowners rest easier with owners title insurance because any problems that can come up will be taken care of.  Warranties and homeowners insurance can protect what you keep inside your home, but owners title insurance protect your property rights.

Value

Car insurance can be a pain. If you pay $100 per month for car insurance on a car with a 72 month (6 year) loan, you are paying $7,200 more for that car. If you buy a $21,000 car, that would be over 25% of your costs. 

Typical title insurance usually costs about 0.5% (In Florida, Purchase Prices up to $100,000: $5.75 per thousand. Purchase Prices Over $100,000: $5.00 per thousand.) and title insurance is a one time purchase, not a recurring monthly or yearly bill. 

If you are in the market to buy a home, condo, or any type of real property, Title insurance is an inexpensive way to protect that purchase. If you live in the Southwest Florida area, talk with Heights Title Services about getting adequate title insurance for your new property.

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