Homeowner’s Insurance Basics
W
hen you purchase a home you'll be required to purchase and maintain many different types of insurance. Every insurance company carries different types of insurance and they also have their own set of requirements. Talk with your EXIT Team Realty agent. They are very knowledgeable in this area and can give you the different options that are available to you.Title insurance is probably the least understood of these. So what is title insurance and why do you need it? We'll try to provide you with answers here. When you purchase a home you're actually paying for a title to the land; this means you acquire the right to occupy and use the space. Part of the price paid will be for the improvement, or the actual home, but the major cost of most property is the land itself. The title may be restricted by the rights and claims of others-this could in turn limit your use and enjoyment of the property-even bringing financial loss. Title insurance insures against these situations.
While other forms of insurance protect against future problems, title insurance protects against things that have already happened. Other forms of insurance also charge annual premiums while they insure. Due to the nature of protecting against problems from the past, on the other hand, title insurance is a onetime premium. A central aspect of title insurance is the elimination of risk prior to issuance of coverage. A claim or loss is a losing situation for all parties and every attempt is made to eliminate this possibility early on. The process of researching the history of a title begins with the public records. An agent for the title company investigates the title chain to determine if any “material objections” exist. These issues are normally the results of documents that did not transfer the title clearly.
The insurer has certified that the title is transferable and is responsible for defending against claims as they arise. This could involve perfecting the title or paying out for valid claims. We know your new home is important to you, don't overlook this important piece of insurance. If you have questions concerning Title Insurance consult with your EXIT Team Realty agent they will be able to explain rights and obligations.
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