There are insurance policies for almost everything these days, which often leads people to doubt the necessity of insurance. Most people secure insurance coverage for their cars, homes, or businesses.
They secure insurance for these things because they are some of their largest investments. There are also different insurance policies for various aspects of these investments. For example, home insurance coverage often involves multiple policies or add-ons that cover different aspects of your home.
One such insurance policy is title insurance, which is extremely important for homebuyers and homeowners. Most people in Boca Raton prefer a trusted title agency like Expert Title Agency to secure title insurance for their property investments.
Let’s discuss title insurance and understand how it protects your property investment in Boca Raton, Florida.
Securing title insurance in Boca Raton is important because of the same reason any type of insurance is important – to protect your investment.
Buying a home is typically the largest single investment that most people will make in their lifetimes. When you buy a home in Boca Raton, you often secure multiple types of insurance to cover and protect your property and its various aspects.
For example, homeowners secure homeowners insurance to protect their homes against theft, fire damage, or wind damage. Whereas policies like flood insurance cover water damage to their homes caused by flooding.
Similarly, title insurance protects people against oft-hidden title hazards and may threaten their financial investment in a Boca Raton property or home.
Understanding Title Insurance
Title insurance is different than most other types of home insurance. When you buy a property in Boca Raton, You aren’t buying the home or land. Instead, you are buying the title to the property, which gives you the legal right to occupy and use it as you please.
The title of any Boca Raton property may be limited by rights and claims declared to others, which may hinder your use or ownership of the property, bringing financial loss. Title insurance protects you against such problems with the title of a property.
A trusted title agency like Expert Title Agency can issue your title insurance against a Boca Raton property or home.
Unlike most other types of insurance policies that charge ongoing premiums to protect your property against future events, a title agency only charges a one-time payment for title insurance against loss from existing hazards in a Boca Raton property title.
How Does a Title Agency Work?
A title agency, like Expert Title Agency, typically insures people by running a thorough search of public records affecting the concerned Boca Raton property and its title.
The title agency examines to determine whether the title is insurable. Their examination results in a comprehensive report that shows all the objections to a title. Often, documents that do not transfer the title are found in the property history collected from records.
It is also common that Boca Raton homeowners or titleholders themselves are unaware of the discrepancies in their titles.
Here are a few examples of the documents that may concern titles and title transfers:
Wills, trusts, and deeds containing incorrect names or improper wording
Incorrect notary acknowledgments
Pending legal issues with the Boca Raton property or title that can affect the buyer
Outstanding mortgages and taxes on the property not paid by the owner
Any of these issues can create problems for buying a home in Boca Raton. A title agency’s thorough research and examination can disclose issues with the title easily so they can be corrected before transactions and title transfers take place.
As you may have already guessed, title insurance is crucial for anyone buying a home in Boca Raton. It offers much-needed protection on your investment, which is likely one of the biggest investments you make in your life.
Securing title insurance from a trusted title agency can help you determine all the issues with the title of a property and safeguard your title transfer. If there are discrepancies, you can request their immediate correction before you make payments.
We highly recommend getting title insurance from an Expert Title Agency for the best protection when buying a home in Boca Raton.
If you want to learn more about title insurance or the best title agency in Boca Raton, Florida, please visit our website today.