Insurance: Owners Title Insurance, Homeowner Property Insurance
OWNER’S TITLE INSURANCE: For many people, the purchase of a home represents the single greatest investment in your lifetime. To protect your interest in the property, you will be given an opportunity to purchase an Owners’ Policy of Title Insurance. This is highly recommended and Partners Title will make sure you get the right one to suit your needs. A title is the document that verifies your legal right to your new home. To make sure there are no past errors or legal entanglements that might affect your ownership rights, all properties are subjected to a title search before closing. Sometimes, however, a title problem will unexpectedly surface days or years later. If a problem does occur, you’ll be glad to have the protection of title insurance. There are two kinds of title insurance: one that protects the lender (required) and one that protects you (optional). Don’t underestimate the importance of this coverage.
HOMEOWNER PROPERTY INSURANCE: You will also need an Homeowner’s Policy(property insurance) to cover, at minimum, the mortgage you will owe. By closing time, you will need a paid receipt and a one-year binder from your insurance agent. (Note, this policy is not needed if you will be covered by a townhome association.) We recommend you contact your insurance agent shortly after you clear the home inspection process to avoid delays.