Most people who have purchased real estate know that a key decision involved in any transaction is the purchase of title insurance. Buyers elect to purchase title insurance either because their lenders require it or because they recognize that the coverages afforded by the insurance are well worth the cost.
Although title insurance is prevalent, common misconceptions exist regarding the nature of coverage provided under a policy and what happens in the event of a claim. One common belief is that a title insurance policy covers any problems that affect the property’s market value or the owner’s ability to sell. There is also a general misunderstanding about how the policy works when there is a defect in title, but there is no actual loss arising from the defect.
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