Your home is likely to be the biggest investment you make in your entire life, and it is in your better interests to consider every form of protection you can. When you purchased your home, you likely also purchased several types of insurance coverage to protect your home and the personal property within it. Homeowner’s insurance is designed to protect you from fire loss, theft, or wind damage, while flood insurance will replace items lost due to water damage. One unique form of insurance is offered by reputable companies in the form of title services. Insurance companies designed this service to protect homeowners from hidden title hazards that may threaten their financial investment in their homes.
Protection
Title services in Naples, FL from such companies as the Omega Title Group are not as well understood as other types of coverage, but they are just as important, if not more so. When you purchased your home, you actually bought the title to the property rather than the actual building or land. In short, you bought the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may in turn limit your use and enjoyment of the property. You may even suffer financial loss due to this problem. This insurance was designed to protect you from loss and hazards that already exist in the title.
Two Types
Title services are offered in two ways, and those ways are either lender or mortgagee protection or owner’s protection. Most lenders require mortgagee title insurance as a form of security for their investment in real estate, just as they may require you to get home insurance. When title insurance is provided, lenders are more willing to make mortgage money available in distant locales where they know little about the market.
