Title Insurance

Title Law Experts in Ballston Lake, NY

Your home will likely be the single largest investment you’ll make over the course of your life. When you purchase a home, you’ll need a few different types of insurance coverage in order to fully protect your home and personal property. You can find all necessary types of coverage through Salerno Law, P.C.

Homeowners insurance protects against fire, theft, and wind damage, whereas flood insurance protects against rising water. In addition to homeowners and flood insurance, you’ll also need a unique type of coverage known as title insurance, which protects against hidden title hazards.

Although not as well understood by the public as homeowners insurance, title insurance is just as important. When you buy a home, you’re actually purchasing the title to the property and the right to occupy/use that space rather than the actual building or land itself. The title itself may be limited by certain rights and claims asserted by other parties, which would result in your limited use and enjoyment of the property. Title insurance helps to protect you against these situations.

Unlike other types of insurance that protect your home against future events and charge annual premiums, title insurance protects against loss from existing hazards and only requires a one-time premium payment.

Title insurance that covers property owners is called an owners policy. These are usually issued in the amount of the real estate purchase with a one-time fee at closing. This policy is valid for as long as the owner or their heirs have access to and interest in the property.

These policies protect the buyer in the event a problem arises with the title. Possible hidden issues include:

• Errors or omissions in deeds
• Mistakes in examining records
• Forgery
• Undisclosed heirs

On the other hand, title insurance policies for mortgage lenders are called loan policies. Most lenders will require a loan policy when they issue the loan in the first place. It is based on the dollar amount of the loan and protects any interest the lender has in the property should an issue arise with the title. These policies, however, do not protect the buyer. The cost of loan policies decreases every year until the loan is paid in full. Request a consultation today to get started.

Call our office at Salerno Law, P.C. with any questions or concerns you may have.