Financing in Ellicott City>Question Details

Prasad, Home Buyer in Glen Burnie, MD

I know that owner's title insurance is optional. Is it worth buying this owner's title insurance? If so, why?

Asked by Prasad, Glen Burnie, MD Wed Jun 10, 2009

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Yes, title insurance insures "the past" and you surely want to be sure that clear title is conveyed to you!

Jeanne Feenick
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0 votes Thank Flag Link Mon Jun 20, 2011
If you have a serious title issue and you do not have title insurance it may cost you a lot of money. It's "peace of mind" tax that is already factored into your closing costs. Yes to title insurance.
0 votes Thank Flag Link Mon Jun 20, 2011
The lender coverage only covers you for the balance owed to the lender. That will of course decrease, as the value of your house increases over time. Owner coverage can help you cover for that. There is a really good explanation on See link below!
0 votes Thank Flag Link Thu Jun 11, 2009
It is extremely rare for a buyer NOT to buy this. It is relatively inexpensive compared to the potential claim amount. For most home owners, buying a home is the single biggest investment they make in their lives. It is a one time fee and can help reduce costs if you should refi in the future. So, I would say YES, it is worth buying.
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0 votes Thank Flag Link Wed Jun 10, 2009
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