Just as homeowners insurance protects you financially if your home is physically damaged or destroyed, title insurance protects you if someone makes a claim against your property's title.
How title insurance worksHere's what the title search and insurance process looks like from start to finish:The process of obtaining title insuranceWhen you (or your lender) hire a title insurance company, they'll perform a title search on your home.
Once the title has been cleared (or cured), the title company will issue a title insurance policy.
Unlike many other types of insurance, title insurance isn't an ongoing cost.
While lender's title insurance is usually mandatory, an owner's title insurance policy is optional.
Persons:
they'll, aren't, I've
Organizations:
New York, Title Association, Chevron
Locations:
Chevron