March 28, 2016 | 79 Comments With all the excitement of buying a new home, it can become easy to overlook the details. That’s why purchasing Title Insurance can give you a peace of mind. It protects your property against any legal disputes that may arise regarding rights to your property. Here are 3 reasons why you need to buy Title Insurance for your new home. 1. Accounts for Mistakes and Fraud In a perfect world, everything about your property would be disclosed upon researching public records and transferring titles. However, in life there are too many variables that can go wrong or details that slip through the cracks. In fact, hidden title defects may appear that even the most careful title search will not reveal. From undisclosed heirs, forged documents, tax errors, utility easements to improper legal documentation— there’s a lot of room for mistakes, which can result in costly legal fees and loss of your property. That’s where title insurance comes in. It can truly save you the pain and frustration of learning about an error and putting your home and financial future at risk. 2. Covers Legal Defense and Court Costs A title is the evidence, or right, that a person has to the ownership and possession of land. It is possible that someone other than the owner has a legal right to the property. If that right can be established, this person can claim the property outright or make demands on the owner as to its use. This is where Title Insurance becomes really handy. In the event that a claim ever gets filed against your property, the policy will cover any legal costs and court costs associated with the claim. The stress of a legal claim filed against your property plus the financial burden would be unbearable. That’s why it’s a life saver to have policy coverage during this time to help with legal fees. 3. Provides Reimbursement for Actual Loss Buying a house is one of the biggest purchases of your life. While this purchase typically represents security, how secure are you really? Hidden “defects” in a title may not surface for months or even years, making them a dangerous risk to take. You don’t want to risk knowing that at any moment you could lose your property. Title Insurance can provide you with a true sense of security in the event of loss. If a loss in property were to occur, Title Insurance would reimburse you for the actual loss up to the face amount of the policy. While this is an unfortunate event for anyone to endure, mistakes do happen, and insurance allows you to recoup financially while continuing to plan for your future.