Recently I read an excellent article in the Wall Street Journal regarding owner’s title insurance and why it’s important. The writer, June Fletcher, had several excellent points on why a new home owner needs both a loan policy and owner’s title insurance. However, many Ohio residents may not know the difference between the two. Here are several points that show why you need both:
- A ‘loan policy‘ protects the lender while an ‘owner’s title insurance‘ protects you.
- A ‘loan policy‘ guarantees the lender the full value of the policy if you’re unable to pay your bills.
- An ‘owner’s title insurance‘ protects you from those hidden risks.
So what are some of those hidden risks that you need to keep in mind when considering owner’s title insurance? Things such as an error during transfer of title could mean you need an attorney to defend your claim. However, with protection your legal fees are covered. You can get all the facts and find out what the state recommends by visiting State of Ohio Insurance. When searching for a new home or commercial property, consider talking with one of our agents about owner’s title insurance. We’ll be happy to answer your questions and ease the confusion.