Owner’s title insurance protects the homeowner if they were to be sued by someone making a claim against the home from before the current homeowner purchased the property. There are a few different types of common claims that owner’s title insurance covers such as someone with a claim against the previous owner’s failure to pay taxes or failure to pay laborers. In the event that these claims are made, owner’s title insurance protects you from being at fault and footing the bill. It can be a major benefit for many new homeowners, keeping them from having to pay fees, taxes, or laborers that they did not expect. A title insurance policy keeps one rest assured that they will not have any unexpected expenses.
Cost of Owner’s Title Insurance?
The cost of owner’s title insurance varies depending on the state and the price of the home or mortgage. Typically, title insurance will cost one between .5% and 1% of the value of the home or the mortgage. Title insurance costs are more often than not included in a real estate transaction’s closing costs. Going without owner’s title insurance is risky, though, as it could cost you a lot of money in the long run. Without title insurance, one would be responsible for paying the fees if there were outstanding claims against the property.
Owner’s Title Insurance with Embassy Title Agency
If you are looking for a company that offers owner’s title insurance in Novi, MI, then Embassy Title Agency is the title company for you. Embassy will be able to help you with any of your title-related needs. Our team at Embassy Title Agency is made up of over 100 years of seasoned experience. They go above and beyond to service all of our clients with much effort and perseverance. Their goal has always been putting the client first and giving them the utmost attention. You can contact us online or by phone at (734) 293-2000.