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The Insurance protects the insured from losses as the result of claims on one's ownership of real estate. There are two different types of title insurance that are offered. The first being an Owner's Policy which is usually issued in the amount of the purchase price and lasts as long as the insured or their heirs have an interest in the property. The other is a Lender's Title Insurance Policy that is usually required by your lender to secure their investment.

Owners title insurance provides protection to the homeowner if someone states they have a claim against the home from before the homeowner purchased it. Without a title insurance policy, you may not be fully protected against errors in public records, hidden defects not disclosed by the public records, or mistakes in examination of the title of your new property. As a result, you may be held fully liable for any prior liens, judgments or claims brought against your new property. However, your policy from 1st Service Title & Closing, Inc. , insures that if such an occasion arises, you will be defended free of charge against all covered claims and paid up to the amount of the policy to settle valid claims.

A Lender's Policy (Loan Policy) is required by most lenders as a way to insure their security interest in the property. This policy protects the bank or other lending institutions for as long as they maintain an interest in the property. Once your property is paid off the mortgage will be satisfied and your lender will no longer need this policy.

Let this link provide you with helpful information in regards to preparing for closing, the closing process and other closing and title related details.