Title Insurance is an insurance policy that protects the owners of the residential and commercial property owners and lenders against the losses related to the property title up to the face amount of the policy. It provides coverage for the title related risks associated with real estate transactions. Title risks and coverages are specifically mentioned in the policy.
For a onetime fee called premium, title insurance will protect the home owner as long as he/she owns the property and will cover losses to the maximum coverage as set out in the policy. The title insurance is effective at the time of the closing. A property owner has a direct claim against an insurance company if a specified title risk causes a loss.
Call us for more information @905-290-7205.
March 17 2015