Why Have Owners Title Insurance?

I do many closings each week. Some for refinances, some for purchases . I enjoy meeting each and every person. I enjoy educating them on the things that they need to know and listening to them tell me all about how this is the house they have been searching for when they are buying. Rarely do I talk about the bad things that may have come up, or the stories of bad things I have heard.

As I sat at a closing awaiting the arrival of the Realtor, the buyer and I began to chit chat, as we had spoken several times, but this was our first actual face to face meeting, he says to me, “Thanks for all of the great information you gave us. I am curious though, if we didn’t buy that Owners Insurance you recommended, what could happen? I mean, tell me a horror story that makes me feel I am doing the right thing.” I sat there with a blank look on my face not knowing what to say. I replied, “Horror stories? I don’t want to bore you with the what if’s. Let’s look at the positive of what you are getting” and began to tell him of the things that his Owners title policy does cover.

Owners title insurance is a one time fee for a policy that does not expire, even after you sell the property or pass away. It covers you for so many things, mainly being defects to the title of the land. It covers forgery, limited use of the land, easements to the land, others claiming to have an interest in the title, including lease and contract options, as well as legal fees involved in defense of your rights, but upon a loss, it will reimburse you for any loss in the value of the property. There is even an option to have the policy value increase to 150% of the original value over a period of time.
I very rarely have a closing where someone doesn’t want to Owners insurance, but I say, if the lender required it, why shouldn’t you?

For even more information, please contact Title Concepts at processing@titleconcepts.biz or 757-819-6682. Follow us on twitter at @vatitlegirl