How Much Does Title Insurance Cost, and Do I Need It?

Most people have a love-hate relationship with insurance policies. We want the protections they offer, but the cost of coverage is often a hard pill to swallow. As a homebuyer, you’ll be asked to protect your investment with title insurance, a policy that initially sounds ambiguous.

But what exactly does it cover, how much does it cost, and is it really necessary?

In this post, we provide clear insights into title insurance costs, benefits, and the buying process to help you make informed, confident decisions.

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Whether you’re looking to find a new home, or just exploring your options, it’s helpful to know how much your current home is worth. Get a ballpark estimate from HomeLight’s free Home Value Estimator.

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What is title insurance?

As the name suggests, title insurance protects your home’s title, or more specifically, your right to legal ownership and use of the property you’re buying. It acts as a shield against damages or financial loss in the event of unexpected ownership claims, liens, fraud, and other threats. There are two main types of title insurance: lender’s title insurance and owner’s title insurance.

  • Lender’s title insurance is usually required to secure a mortgage and protects the lender’s interest in the property until the mortgage is paid off.
  • Owner’s title insurance is purchased by the buyer and protects the homeowner’s equity and interest in the property.

Though the concepts might seem similar, each type of insurance covers different aspects of risks and claims that could arise from legal issues tied to the title of your home. The policy and process can identify issues and help pay for the proceedings needed to correct them.



from HomeLight Blog https://www.homelight.com/blog/buyer-title-insurance-cost/

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