Protecting purchasers and lenders against loss is accomplished by the issuance of a title insurance policy. The policy(s) state that if the status of the title to the real property is other than is stated in the title policy, and if the insured suffers a loss as a result of the title defect, the insurer will reimburse the insured for that loss and related legal expenses, up to the face amount of the policy.
What this means is that title insurance helps ensure that your home ownership is safe by protecting you from losses as a result of claims including fraud, missing heirs, recording errors, unfiled liens, improper court proceedings, unfiled easements and restrictions on the use of your property.
Title insurance is significantly different from other forms of insurance. While most other forms of insurance protect against losses arising out of unforeseen future events, the primary purpose of title insurance is to eliminate risk and prevent losses caused by defects in title arising out of events that have happened in the past.
Our goal, the goal of title insurance, is to protect possibly the largest and most important investment that you'll ever make. We provide, through the issuance of your title insurance policy, both peace of mind and financial protection for your real estate investment(s).
The protection that we provide is backed by three of the most stable title insurance underwriters, Chicago Title Insurance Company, Old Republic National Title Insurance Company, and Fidelity National Title Insurance Company of New York .
What does Title insurance protect against?
For a one-time premium, an owner's a title policy remains in effect as long as the insured, or the insured's heirs, retain an interest in the property.
The following list contains a few of the most common hidden risks that can cause loss of title or create an encumbrance on title: