Title Insurance is a type of insurance policy that protects homeowners and lenders from financial loss related to defects in the title of a property. It is a one-time payment, typically made at the time the property is purchased, and it covers issues such as unpaid utilities, mortgages, or taxes, violations of zoning by laws, and liens. The insurance is designed to protect the owner and the lender against losses related to property ownership or title. It will cover you if there is a title dispute after you purchase your property.
Does this cover title fraud?
Yes, having it won’t prevent fraud from occurring, but your title insurer will do everything required to recover title and covers all costs for doing so.
Does Title Insurance still carry on after your mortgage is paid off?
Yes, it exists for as long as you own your home.