3 great reasons why it is important for you to get owner’s title insurance.
Not only is buying a home an exciting and wonderful time, it is also emotional and well, it is an investment! Many people think of it as a right of passage, and completely bypass the concept that this is one of the largest investments that they are making in their lifetime. That being said, think about why it would be important to get title insurance to protect your asset beyond the home owner’s policy.
Protect your investment: For a one time fee, owner’s title insurance protects your property rights for as long as you own your home.
Reduce your risk: There are many hidden issues that may pop up only after you purchase a home. Getting an owner’s title policy is the best way to protect you from these unforeseen possibilities. This can be anything from:
- Outstanding mortgages and judgements, or a lien against the property because the seller hasn’t paid their taxes.
- Pending legal action again the property which could affect you.
- An unknown heir of a previous seller who is claiming ownership of the property. Do you want to deal with this? I didn’t think so!
Cover your heirs: as long as you or your heirs own the home, own’er title insurance protects your property rights.
It usually costs about .5% of the home’s purchase price to get owner’s title insurance. That is a small price to pay for this huge peace of mind. You can shop rates, of course… most companies in Virginia use the same underwriters for their policies.