Do I Need Title Insurance and How Much Is It?
When you buy your home, you want to make sure that you will be able to keep it and make sure that it is 100% in your name. People all around the United States are buying homes without buying title insurance first, and in return they are finding out that there is another rightful owner. When you get your new home, the last thing you want is someone being about to take it away.
Title insurance protects you from claims from the previous owner, rightful heir, or the family of the previous owner of the house you have bought or are thinking about buying. When the title of your home is claimed by someone else, it doesn’t go away unless you can somehow get it eliminated. Without their knowledge, people all over the United States today are being sold homes that already have claims on the title.
Do I Need Title Insurance?
This isn’t the case all of the time with homes, but you can be sold a house with a current title claim. When realtors sell you the home, they should always ask if you have a title insurance plan just to be safe. If they don’t, then you should bring it up to them and ask where is a good place to get it. You definitely do not want even want the possibility that your house could be taken
away from you.
What Does Title Insurance Cover?
Title insurance not only covers your physical property, but it also protects human rights of the person, company, or lender of a piece of land that they own. Before you buy your property, you should always converse with your realtor about title insurance.
How Much Is Title Insurance?
The price of the title insurance is based on how much your property costed. The higher amount of your property, the more you pay in title insurance. Insurers look at how old your house is, and how many previous owners of the house there were. The price also varies from state to state and company to company. The agent, in some states, usually sets the price for the title insurance and it is negotiable through the agent. Other states, the price is set by the insurance agency. The price also is more commonly dependent on the cost of your home. It is usually .5 to 1% of the cost of your home. So if your home is worth $500,000.00 then your insurance per month would be about $5000.00.
Your home is very special to you and you want to protect it with all you can. Title insurance can save your home from getting taken away from someone who has a current title claim on your property. Be safe and practice title insurance.Source: www.insurance-comparisons.org