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Title Insurance

What is Title Insurance?

An "Insurance Policy" is a contract between the owner of the policy and the insurance company. If the insured item is lost or damaged, the insurance company reimburses the policy owner for the loss.

In this context, "Title" means ownership of real estate.

"Title Insurance" is a contract with an insurance company that reimburses the policy owner for the loss they suffer if something is wrong with their ownership of real estate.

Do I Need Title Insurance?

If the buyer is getting a mortgage: Yes. The lender will require it.
If the buyer is not getting a mortgage: This question is similar to the issue of whether you need other types of insurance, such as fire insurance. Real estate transactions are usually very large. If a buyer spends hundreds of thousands of dollars for real estate, they can be financially devasted if, because of a mistake or a forged instrument, they learn that they got nothing for their money. Because title insurance will reimburse the buyer in such a situation, it is a critical safeguard for buyers who suffer a loss and for sellers who get sued by buyers who suffer a loss.

Main office telephone number: 941-952-9999.
Main fax number: 309-9999

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