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2 Policy Types
There are two principal forms of title insurance:
1. The lender's policy
2. The homeowner's policy
What is a lender's policy?
A lender's policy protects the mortgage holder. If there is a fault in title
that results in a loss, the mortgage holder will be paid back.
What is a homeowner's policy?
A homeowner's policy protects you, the purchaser, against a loss that may occur
from a fault in your ownership or interest you have in the property. You should
protect the equity in your new home with a title policy.
What does a homeowner's policy provide?
Protection from financial loss due to demands that may be charged against the
title to your home, up to the cost of the title policy. Payment of legal costs
if the title insurer has to defend your title against a covered claim. Payment
of successful claims against the title to your home covered by the policy, up to
the cost of the policy.
What "hidden risks" are protected under a title policy?
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E-mail: crystal@albuquerque-realtypro.com
This copyrighted information is provided courtesy of the
Stewart Title Guaranty Company.
