Buying a home is an incredibly complicated process. Homeowner’s insurance is an obvious need to protect your home and belongings, but another type of insurance helps protect your interests in the property in a less straightforward way. Call For Action Director Karen Stiles at our partners TMJ4 in Milwaukee have some tips on what to look for in title insurance. When you purchase property, you only own the title to the property — not the land itself. Title insurance protects against risks that could threaten your claim to that title, such as construction liens, unpaid taxes, or limitations on rights to use the property. Two types of title insurance protect interests: Lender’s and owner’s policies. Your lender may require you to purchase title insurance to protect their interests through the sale. It is advisable to purchase title insurance as an owner as well. While most insurance protects against future problems, title insurance protects your interests through the purchase, and even further down the line when you sell your property. Your realtor should be able to recommend a good title insurance company, but make sure you read any title insurance agreement and know what you’re being protected against.
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