A title insurance policy is the best way to protect your new home against any defects or losses towards the value of your property from the previous owners. Since your property could run into potential problems that may be found throughout the time you own your home, it is important that your policy is kept the entire time. Here are the benefits of title insurance that will last while you enjoy your home over the years.
Protection
Title insurance is integral in protecting you from any unforeseen circumstances that arise as a result of the previous owners. The length of time you’ve had your home does not factor into previous issues all thanks to your title insurance. From the discovery of previous liens to any claims that someone else is the legal owner, your policy can protect against those discrepancies as long as you hold it. Thankfully, this can help you avoid any lengthy legal woes down the road.
Length of Policy
The best news of all is that your title insurance doesn’t expire! After a one-time up-front fee at closing, you will not only be free of a monthly title insurance bill, but that one-time fee has you covered as long as you own the property. It will only expire when you sell or willfully terminate it, so if you want to leave your property for your children to inherit, that same insurance will still be in effect.
Remember that your lender’s policy will last until your mortgage is paid, whether that’s 10 years or 30. However, your
owner’s title policy is yours until the hands of ownership change or you just decide you would like to cancel the policy altogether while you still maintain ownership and residence.
Our title insurance professionals are here to help you navigate your policy that will keep you covered whether your stay is short or intended for future generations. You can rest assured that no matter how long you desire to keep your new property, your title insurance policy will offer you protection the entire time you keep it active. Contact us today to get started on your way to keeping you and your property safe from discrepancies in your title for years to come.