Title Insurance Policy: Everything You Need to Know
A title insurance policy is a backup plan that can protect you should there be any problems related to the ownership of your new house. But do you know what it covers? Keep reading this blog to find out!
What is Title Insurance?
Title insurance protects the interests of both the new owner and the lender in cases of certain title defects like:
- Liens or lawsuits
- Undisclosed heirs
- Errors in deeds
Not buying? Want to sell your home?
Types of Title Insurance
There are two types of title insurance policies:
- Owner’s title insurance
- Lender’s title insurance
Owner’s title insurance provides the new owner with legal and/or financial support in case of title disputes in the future.
Lender’s title insurance safeguards the mortgage lender financing your transaction from problems like someone claiming a right to your house.
How Much is Title Insurance?
Typically title insurance costs around 0.5% to 1.0% of the house’s purchase price. This, however, may differ based on individual state regulations.
To know how much title is insurance in your state and city, refer to the table below:
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