When you buy a new home, one of the expenses you should be aware of and want is title insurance. This is a policy that protects your ownership of the home against any potential claims from other people, or liens that would be placed on the property before you purchased the property.
If you have a mortgage, your lender will also get a policy that protects their interest in your home for as long as you have the mortgage loan. But you don’t want to avoid getting your own policy, because the lender’s policy won’t provide you with any coverage or protection; it’s simply for the lender and lender only. Instead, make sure you get your own homeowner’s policy from the title company. These policies are typically not expensive, and they only require a one-time payment at the time of closing, which are typically paid by the seller for you. If not, make sure to purchase your own.
While the title company will check to make sure the title to the property is clear from issues there’s always a chance that something will be missed or overlooked somehow. The odds are high that you won’t ever need to make a claim against your policy, but if you ever do need it, it could be what keeps you from losing your home or going into debt in order to keep it.
With the simple but effective extra protection that title insurance provides, you can have peace of mind, less stress, and feel secure in your new home.