How does Title Insurance differ from other types of insurance?

Title insurance is different from other types of insurance in that it protects you, the insured, from a loss that may occur from matters or faults from the past. Other types of insurance such as auto, life or health cover you against losses that may occur in the future. Title insurance does not protect against any future faults. Another difference with title insurance is that the insured pays a one-time premium instead of ongoing premiums as with other types of insurance.
 

Why do I need Title Insurance?

Owning real estate is one of the most precious values of freedom. When you buy a home, you want to be sure the property is properly conveyed and free from unexpected adverse interests. Once title insurance is purchased, it remains in effect for as long as you own your home. Title insurance adds security and peace of mind to home ownership.  

How long does my coverage last?

Once purchased, title insurance remains in effect for as long as you own your property.

How do I obtain Title Insurance?

Let the title company, attorney or agent handling the closing of your property know that you want to purchase an Owner?s Title Insurance Policy. When choosing a title insurer, you should look for a company with experience, as well as the financial strength to protect you.  

What is an Owner's Policy and why do I need one?

An Owner'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. It offers:

  • Protection from financial loss due to covered claims that may be asserted against the title to your home up to the face amount 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 face amount of the policy.
     

What is an Endorsement and why do I have to pay for it?

An endorsement, which is usually required by the lender, is further coverage for special requirements in addition to our standard policy's coverage.

What should I know about property taxes?

Property taxes can be a confusing topic. Moreover, property taxes are regulated at the county level and, therefore, different in each county.  

What is Power of Attorney?

A 'power of attorney' is a written instrument by which a person (the 'principal') appoints another agent (the 'attorney in fact') and confers upon the agent the power to perform certain specified acts on behalf of the principal. A Power of Attorney:

  • Creates an agency relationship, with the giver of the power of attorney remaining the legal owner of any property involved
  • Must be approved by Stewart Title Guaranty Company