When you own a home, you will consider both title insurance and home insurance. Title insurance protects against risks to your property title. You only purchase it once for the entire time you (or your heirs) own your home. Home insurance, on the other hand, protects the building you live in against risks like fire and floods. You need to renew it every year.

“Title” to a property is a bundle of rights … in most cases, the right to live there, access it, sell or mortgage it, or leave it to your heirs. Sometimes, there are problems with title to a property and these aren’t always obvious when you first purchase the house. For example, buildings might extend outside the property line. Or, the municipality could require you to pay the former owner’s unpaid property taxes.

Maybe you’ve heard about title or mortgage fraud.  It doesn’t happen often, but when it does, it can be expensive and time-consuming to fix. Title insurance provides protection. It allows you to make a claim which may result in a fix for the problem or payment of your loss.

Your real estate lawyer can help you purchase title insurance for your property. A clear title paves the way for you to enjoy all the rights that come with being the owner of your home.

Title insurance when you already own your home but do not have title insurance coverage. Ask your real estate lawyer about purchasing a policy.