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Owner's Title Insurance Explained

Buying a home is one of the biggest financial commitments you'll ever make. To protect yourself and your new home, make sure you choose an owner's title insurance polity – more than 80 percent of Americans do. * For a one-time fee paid at closing, an owner's policy can protect your property rights for as long as you and your heirs own the property.

Did you know that title issues such as liens, easements or bills left behind by a previous owner may not be discovered until months or years after a property is purchased even with the most diligent search? The title insurance required by your lender protects the lender only. Owner's title insurance protects you by paying for all attorneys' fees and court costs in addition to the costs associated with removing the lien or other covered claim from your title.

Here are some of the more common issues that are covered by an owner's title insurance policy:

• Liens due to a prior unsatisfied mortgage or an unpaid charge from a homeowner's association
• Liens for unpaid taxes, including estate, inheritance, income or gift taxes in addition to unpaid real estate taxes
• Errors in public records or reports furnished by tax officials
• False impersonation of property ownership including forged deed
• Undisclosed or missing heirs with ownership in the title

* American Land Title Association