4 Facts About Title Insurance

When buying a home there are some things that are extremely important to consider, such as whether or not to purchase title insurance. Though it is one of the most important types of insurance available on the market today, title insurance is still largely misunderstood. This leads to homeowners not wanting to purchase it, which unfortunately can be a huge mistake. In addition to providing this crucial service to homebuyers at the Lake of the Ozarks and surrounding areas, we have made it our mission here at Arrowhead Title, Inc. to educate our clients on the importance of title insurance and all that it provides. Check out these 4 facts about title insurance that you may not have known.


1. Title Insurance Protects Your Right To Use & Occupy The Land

Most people know that title insurance is part of the closing costs associated with buying real estate at the Lake of the Ozarks (or anywhere else), but very few people truly understand what this insurance policy covers. Essentially, title insurance protects your (and your heirs') right to use and occupy the land as you intended. Depending on the specifics of your closing and the property's chain of title, other individuals could surface at some point and claim their right to ownership of the property. Title insurance will help guard against these types of hazards, giving you a better chance of being able to continue using the home.

2. Your Policy Does Not Have To Be Renewed

Other types of insurance are typically purchased in little "chunks." You have to renew your auto insurance every six months, for example, and your homeowners insurance every year. Your title insurance policy, on the other hand, will remain in effect for as long as you or your heirs have a vested interest in the insured property.

3. Title Insurance Is Purchased For A One-Time Premium

In addition to lessening the workload for the policy holders by never having to be renewed, this ongoing policy offers another unique benefit: it is purchased for a one-time premium. Instead of having to pay additional funds monthly, biannually, or annually every time you renew your policy, you will simply purchase your title policy when you close on your new home - and never have to put money towards that policy again.

4. Title Insurance Is Proactive, Not Reactive

Most forms of insurance are reactive - that is, you do not see their benefit until after a problem has arisen. After you break your leg, for example, your health insurance policy will help you cover the ensuing medical costs. Title insurance works the other way by focusing on minimizing risks and preventing problems from presenting in the first place. Before issuing your policy, your title company at the Lake of the Ozarks will conduct a thorough title search to uncover any potential hazards that could pose future problems, allowing you the opportunity to proactively resolve them - or back out of the sale altogether.

Arrowhead Title Is Here For All Your Title Needs At The Lake

If you are buying property at the Lake of the Ozarks (whether residential or commercial), you will want to be sure you select a title company you can trust to handle your transaction with the utmost professionalism and accuracy. We understand and deeply value the immense amount of trust our clients place in us, and we strive to do everything we can to meet - and exceed - their expectations. If you are in need of a title insurance agency in Lake Ozark MO, we hope you'll keep us in mind.

The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!


+1 us on Google

750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049

Comments

Popular posts from this blog

Title Commitment vs Title Report

What Happens If You Don't Pay Your Personal Property Tax?

9 Fun Facts About Title Insurance