Understanding
Title Insurance Policies
Title policies provide protection from financial losses related to undiscoverable defects in a property’s title and defend your ownership rights.
There are TWO types of title policies:
Owner’s Policy
This policy protects your ownership rights for as long as you or your heirs have an interest in the property. With an Owner’s Policy, if a claim were to be made against your property after you’ve purchased it, your title insurance would cover costs associated with defending your ownership rights.
Key Title provides multiple coverage options as a policy-issuing agent of Investors Title.
Loan Policy (aka Lender Policy)
Typically required by your lender, this policy is similar to the Owner’s policy, but it protects the lender’s financial interest, but it does not protect the homeowner.
All Policies Are NOT The Same
Some title companies issue blanket exceptions on policies, thereby providing less coverage for the same premium. Key Title only lists exceptions applicable to the transaction.
Why Every Homebuyer Needs An Owner’s Title Insurance Policy
Protects Your Largest Investment
Your home may be the single largest investment you will make in your life. You insure everything else that’s valuable to you—your life, car, health, pets, etc., so why not your largest investment?
For a one-time fee, owner’s title insurance protects your property rights for as long as you own your home.
Reduces Risk
There are many hidden issues that may pop up only after you purchase your home. Getting an owner’s title insurance policy is the best way to protect yourself from unforeseen title discrepancies. Don’t think it will happen to you? Think again. Title claims can include:
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outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxes
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pending legal action against the property that could affect you
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an unknown heir of a previous owner who is claiming ownership of the property
You Can’t Beat The Value
Owner’s title insurance only needs to be purchased once and typically costs less than 0.5% of the home’s purchase price in the Carolinas.
Protects You And Your Heirs
As long as you or your heirs own your home, owner’s title insurance protects your property rights.
80% of Homebuyers Agree
More than 80% of homebuyers elect to purchase owner’s title insurance, recognizing it as an essential component of purchasing a home.
Nothing Compares
Homeowners insurance and warranties protect only the structure and belongings of your home. Getting owner’s title insurance ensures your property rights are protected.
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If you’re buying a home, owner’s title insurance lets you rest assured, knowing you’re protected from inheriting debts or possible legal issues, once you’ve closed on your new home.