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What else should I know?

  • An Owners Policy automatically increases by 10% per year for 5 years, up to 150% of the original policy amount to protect you from inflation.
  • Purchasing an Owners Policy simultaneously with a Loan Policy at the time of closing results in a cost savings.
  • Title Insurance is NOT available through your local insurance agent
  • A Homeowners Policy offers you expanded coverage's.

Title Insurance

Title insurance defends or covers losses if the right of ownership is questioned.

Most lenders will require a Lenders Policy to protect their interest in the property. This policy assists in assuring the lender that it has a valide enforceable mortgage on the property.

If my lender has Title Insurance why do I need an Owners Policy?
If circumstances arise that a mortgage is placed in jeopardy, the lender may file a claim. The Lenders Policy only protects the lender's interest in the property and not yours.
One of the many tasks that the closing attorney performs for the purchase of your home is a review of the title to the property. The review is based on a title search of the property and provideds a timeline of past ownership. Title issues and defects are disclosed by this search.

If a Title Search uncovers issues & defects, why would I need an Owners Policy?
Unfortunately, some defects are very difficult or impossible to uncover and can affect the title to your home even after the most careful title search of the peroprty is performed. Even a small issue can be financially devastating. An Owners Policy protects you when these situations occur.

How does an Owners Policy protect me?
An Owners Policy is designed to protect you if title issues arises, providing coverage from basic risks such as:
  • Incorrect indexing and clerical errors in recording
  • Undisclosed or missing heirs
  • Forgery and fraud
  •  Unpaid Water Bills and Taxes
  • Defects, liens or encumbrances on the title
  • Defectively discharged mortgage
  • Unmarketability of the title
  • Lack of a right of access to and from your land
  • Unreleased Homesteads
  • Unresolved probate claims
If a covered defect is discovered, the title insurance company will investigate and defend against claims against the title to your property and will either clear up title problems or pay your losses.

What will an Owners Policy Cost?
The cost of a title policy is based on the loan amount or the value of the property. The cost of the Lenders Policy is typically included in your closing cost. If you purchase an Owners Policy simultaneously a discounted rate may be offered.
This one time fee protects your ownership rights as long as you or your heirs retain an interest in the property.

Do I really Need Title Insurance?
YES, YES, YES. Without an Owners Policy you risk great financial loss. Since most title issues surface when selling property you risk the transaction and could be held solely responsible for all fees involved in solving the problem, whether you sell the property or not. Why risk it. You'll rest easier with an owners policy.
550 Moody Street, Waltham, MA 02453               Tel (781) 894–0000    Fax (781) 893–8357