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Chicago Title Insurance Company |
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by Andrew Perry and Andrea Boyle 
Why do you need title insurance?
Title insurance protects possibly the most important investment you'll ever make - your investment in real estate. It gives you the assurance that the property you are buying will be yours. Other than the mortgage holder, no one else should have any claims or restrictions against your home. Title insurance eliminates any risks and losses caused by faults in title from an event that occurred before you owned the property. How is title insurance different from other types of insurance? Title insurance protects you, the insured, from a loss that may occur from matters or faults from the past. Other types of insurance such as auto, life or health cover you against losses that may occur in the future. Title insurance does not protect against any future faults. Another difference is that you pay a one-time premium. A title insurance policy will protect you from risks or undiscovered interests. There are two principle forms of title insurance: The Lenders policy Protects the mortgage holder. If there is a fault in the title that results in a loss, the mortgage holder will be paid back. The Homeowner's policy Protects you, the purchaser, against a loss that may occur from fault in your ownership or interest you have in the property. You should protect the equity in your new home with a title policy. The Homeowner's policy provides as follows:
Once purchased, title insurance remains in effect for as long as you own your property. Title insurance adds security and peace of mind to homeownership For Questions, Contact Andrew Perry 805.656.1300 (office) 805.207.9666 (voice mail) Thank you and good luck in your new home! |
