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What Does Title Insurance Not Cover?

May 18, 2021 by Steven Disser

Title insurance is used to protect you and the mortgage lender from financial loss due to expenses associated with the home’s title. Unlike other insurance policies, title insurance protects you from past events and errors that were made before the home was yours.

Do I Really Need Title Insurance? Read More in Our Blog

Title insurance coverage ranges from covering past events associated with improper documentation and unpaid debt to issues of ownership from conflicting wills. But what does title insurance not cover?

Title Insurance Does Not Cover:

Every title insurance policy is different, so coverage may vary depending on your policy. When it comes to title insurance there are typically items that are not covered including:

  • Defects created after the policy was created.
  • Defects or problems that you create.
  • Issues that arise as a result of failing to pay your mortgage.
  • Problems associated with failure to obey the law.
  • Losses resulting from rights claimed by someone else occupying the land.
  • Specific taxes and assessments.
  • Violations of zoning or building ordinances related to land use, improvements, land division, or environmental protection.
  • Condemned land unless a condemnation notice appeared in the public record on the date of the policy or if the condemnation occurred before the policy date.
  • Ownership claims from others if a body of water such as a river or lake is on or near the property.
  • Disclosed restrictive covenants that limit the use of the property.

When purchasing a title insurance policy, it is important to understand what is and isn’t covered. At Greater Nashville Title, we strive to provide every ounce of information that you may need to ensure that your real estate transaction goes off without a hitch. Our team of experienced closing coordinators and attorneys are here to provide assistance every step of the way. 

If you have questions relating to your title insurance policy, contact a member of our team today!

Filed Under: Title Insurance

Title Insurance vs. Homeowner’s Insurance: What You Need to Know

April 13, 2021 by Steven Disser

Purchasing a home is one of the larger investments you will make and it is only natural that you will be filled with a lot of anticipation (and anxiety) for what is to come. Yet, this purchase carries with it a lot of responsibility. When it comes to protecting your investment, both title insurance and homeowner’s insurance can protect you, but what is the difference? In this blog, we will compare title insurance vs. homeowner’s insurance and describe the similarities and differences, so that you can make an informed decision.

What is Homeowner’s Insurance?

Many mortgage lenders require borrowers to have homeowner’s insurance for the full purchase price of the home and will not allow you to take a loan out without proof of coverage. While it is required by lenders, homeowner’s insurance is also a necessity for protecting you and your home. Homeowner’s insurance is a policy that covers destruction and damage to the home, loss or theft of possessions, as well as personal liability for harm to others. Paid annually, your homeowner’s insurance will cover most incidents that occur on your property. However, there are some insurance providers that will require separate coverage to be purchased for hurricanes, floods, and other natural disasters.

Similar to most insurance policies, homeowner’s insurance is divided into separate levels of coverage.

  • Actual Cash Value: This coverage will cover the cost of the home plus the value of your belongings minus depreciation.
  • Replacement Cost: The replacement cost policy will cover the actual cash value of your home and the possessions without the deduction of depreciation.
  • Guaranteed Replacement Cost: This coverage will cover whatever it costs to rebuild or repair your home.

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While homeowner’s insurance protects you from future events, title insurance will protect you from past occurrences that may affect your title to the property. A title insurance policy ensures that you are the owner of the property and that it cannot be taken away due to defects or liens in your home’s title. Before the home is officially yours, our team will perform a title search to ensure that the title is clear, however, title insurance will protect you if any defects or claims surface in the future.

What is Title Insurance?

While homeowner’s insurance protects you from future events, title insurance will protect you from past occurrences that may affect your title to the property. A title insurance policy ensures that you are the owner of the property and that it cannot be taken away due to defects or liens in your home’s title. Before the home is officially yours, our team will perform a title search to ensure that the title is clear, however, title insurance will protect you if any defects or claims surface in the future.

Similar to homeowner’s insurance, your mortgage lender may require you to purchase a lender’s policy which protects them against any title defects or claims. We recommend that homebuyers also purchase an owner’s policy to protect themselves against any title claims. Title insurance is a one-time fee and both policies can be purchased as a bundle to guarantee your ownership of the home is protected while you own it.

While homeowners insurance protects you from future events, title insurance will protect you from past occurrences.

Title Insurance vs. Homeowner’s Insurance – It is Your Choice

When it comes to navigating the world of homeownership and insurance, we recommend purchasing the amount of coverage that you believe is best. In the end, both title insurance and homeowner’s insurance are probably both required, but the amount of coverage you purchase can be your choice. As long as you feel that your investment is protected, we congratulate you on this amazing milestone.

To learn more about title insurance, please contact a member of our team today. We are always happy to help!

Filed Under: Title Insurance

Why Do I Need Title Insurance?

February 17, 2021 by Steven Disser

When it comes time to close on your new home, you may be required to purchase title insurance. Unlike most insurance policies, title insurance is for protecting the lender and borrowers from issues that may have occurred in the past. In this blog, we will dive into the purpose of title insurance, what it covers and why you should purchase a policy.

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What is Title Insurance?

The purpose of title insurance is to protect real estate owners and lenders from losing the property due to any defects or liens in the title. Before purchasing your new home, a title company such as ourselves will do a search on the property’s title to determine ownership and ensure that it is clear of any claims. So while most insurance policies cover future events, a title insurance policy is to protect you from what happened in the past.

There are two types of title insurance policies: a lender’s policy and owner’s policy which are commonly offered as a bundle. A lender’s policy is required with purchase and refinance transactions and protects only the mortgage lender in the amount of the loan. An owner’s policy will protect the buyer. This title policy is not required to be purchased but we highly recommend purchasing it as a safety net. The coverage is the same but you will also be protected in the event of a title defect.

Coverage

Even after meticulously searching through public records, title defects or disputes can arise during the transfer of ownership. This is where title insurance can come into play. Here are some of the common title defects that may arise and you’ll be thankful you have coverage for:

  • Title forgeries and fraud
  • Filing errors
  • Conflicting wills
  • Liens from mortgage loans
  • Home equity lines of credit
  • Undocumented easements
  • Unreleased mortgages

Why you Need Title Insurance

Purchasing a home is a large investment, so why not protect it in every way possible? By purchasing title insurance, you are receiving extra protection and peace of mind that you are protected from any legal issue or defects that may occur after purchasing your home.

Still have questions? Our team at Greater Nashville Title is here to walk through the process and answer any questions you may have.

Filed Under: Title Insurance

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