The question that is asked all of the time is, “Do I need owner’s title insurance?” The answer is yes you need owner’s title insurance.A lender’s title insurance policy provides no benefit to an owner of real property. A lender’s policy only comes into play to protect the lender. Under most scenarios, the lender is not going to have a claim for a title issue until the mortgage loan is a nonperforming asset and is moving into the foreclosure procedure. In other words, as long as you are making your mortgage payments, the lender will usually not have a claim under a lender’s policy. Therefore, if there is an issue, the only protection a consumer has is through an owner’s policy of title insurance.
The cost for an owner’s policy of title insurance is very reasonable when you consider that it is a one-time fee that protects the ownership of your real estate. Additionally, if a lender’s title insurance policy is being acquired, there is a significant discount into obtaining the owner’s title insurance policy in conjunction with the lender’s title insurance policy.
If you need assistance with your real estate transaction and want to work with the best title company in the Cincinnati area, choose American Homeland Title Agency.For more information, visit our website at americanhomelandtitle.com. To see a copy of our owner’s title insurance brochure go to our website at americanhomelandtitle.com and click on the link for tools.