People purchase insurance to protect their more expensive possessions. When it comes to expensive purchases, homes are often the biggest purchase of a person’s life! This is why it’s so important to get insurance for your property. Sure, there’s homeowners insurance, flood insurance and other policies. But at Expert Title Company, we know that real estate insurance in Lighthouse Point is just as important. Title insurance is one type of real estate insurance that can help protect your property from unique challenges.
While homeowners insurance protects your property against specific damages, real estate insurance protects your home against an entirely different set of issues. The title of your property indicates that you are the lawful owner of your property. When liens are placed on the property, it can halt the sale or create other issues.
Prior to closing on your home, your title company will conduct a title search. This search can help uncover any issues with the property’s title, such as ownership issues or liens. Once these are resolved, the property has a clear title.
Though your property has a clear title, this doesn’t mean that everything is set in stone. After the property has been purchased, even years down the road, there is always the risk for issues with the title. Other parties may come out of the woodwork, claiming that they are the rightful owners. They may say you bought the property from someone who wasn’t the rightful owner, or perhaps the property was sold with unknown liens that must be settled.
The above situations can be stressful, but if you have real estate insurance in Lighthouse Point, there’s no need to worry. With title insurance, you and your lender are protected from previous issues with the property’s title. The insurance is purchased at property closing, and it protects your best interests.
When it comes to title insurance policies, everybody can benefit from the transaction. Even if you have bought property before, it’s always important to purchase real estate insurance when buying property. At Expert Title Company, we can help with your real estate insurance in Lighthouse Point. We also offer assistance with title searches, closings and other real estate processes. Call our office today at (954) 570-5959 to learn more about our services.