Fidelity Land Title Agency


There are two types of title insurance:

  • Lenders policy: which only protects the lender for the amount of the loan. If you are getting a loan, typically the lender will require this type of policy. But remember, it only protects the bank’s interest in the property.
  • Owner’s policy: which protects you, the homeowner.
  • What is Owner’s Title Insurance and do I need it?

    An Owner’s Title Insurance policy protects you against a wide variety of problems affecting title to your new home. Things that if arise, could result in the loss of the property. Things like:

  • Errors in public records: such as old deeds and mortgages that were not properly recorded with the county.
  • Fraudulent deeds or missing heirs: for example, a grandson who forges his grandmothers name and coveys her property to himself. Or a separated spouse who’s former home was sold without their knowledge.
  • Unknown liens: Let’s face it, there have been tons of foreclosures in the past decade. Even if you aren’t buying a home out of foreclosure doesn’t mean there wasn’t one in the properties past. If the foreclosure was done improperly there could be missing liens that attach to your new property.
  • The list goes on and on. But you can protect yourself by purchasing an Owner’s Title Insurance policy at closing.

    So What does it cost?

  • Unlike most insurance where you pay a monthly premium. An Owner’s Title Insurance policy is purchased with a onetime premium payment based on the purchase price of your new home that is paid at closing.
  • If your lender is requiring a lender’s title insurance policy, and you purchase an Owner’s Title Insurance policy, you won’t pay full cost for two insurance policies. Instead the lender’s policy will be offered to you at a highly discounted cost, called a simultaneous issue rate.

    Please reach out to us for a quote on an Owner’s Title Policy or if you would like to discuss more.

  • -Dave Kennedy