Protecting yourself with title insurance in Weston can prevent hidden title hazards that may threaten your financial investment in your home. Purchasing a home is usually the largest single investment any of us will ever make.
Title insurance is similar to other types of insurance coverage and is an essential part of protecting your investment. Despite its importance, many people are unfamiliar with what title insurance does.
Continue reading to learn more about this form of coverage and why it is just as essential as homeowners insurance and flood insurance. If you would like to discuss your needs with a reputable Weston title company, please contact World Title Company today for further assistance.
Title Insurance Protects Your Largest Single Investment
As previously mentioned, title insurance is not as well understood as other types of home insurance, but it is just as important. When you purchase a home, instead of purchasing the actual building or land, you are actually purchasing the title to the property. Essentially, you are purchasing the right to occupy and use the space.
The title you purchase may be limited by rights and claims asserted by others. These factors may limit your use and enjoyment of the property and could even cause financial loss.
Title insurance protects against these types of hazards. Other types of insurance protect your home from possible future events and charge an annual premium. By contrast, title insurance protects against loss from hazards and defects that may already exist in the title and is purchased with a one-time premium.
Two Kinds Of Insurance
Title insurance in Weston is divided into two kinds: lender or mortgage protection and owner’s coverage respectively. Most lenders require mortgagee title insurance as security for their investment in real estate, just as they may call for fire insurance and other types of coverage as investor protection.
When title insurance is provided, lenders are willing to make mortgage money available in distant locales where they may know little about the market. Owner’s title insurance lasts as long as the policyholder or their heirs have an interest in the insured property.
In some cases, this may even be after the property has been sold. You may pay an additional premium for an owner’s policy depending on local practices, regulations, and state law.
Alternatively, you may pay a simultaneous issue charge. This is generally a smaller amount for separate lender coverage. You may even be able to split the costs of settlement with the seller for the lender or owner’s policy.
Trusted Title Company In Weston
If you are interested in Weston title insurance offered by a reputable and successful title company, World Title can help. World Title Company’s title insurance products offer an additional layer of protection while simplifying the process of buying or remortgaging a house. Please contact our title experts today at World Title Company today to learn how we can help.