Title Insurance Protection for homeowners and lenders Unlike other types of insurance, title insurance protects the insured from loss that may occur from matters or defects from the past. According to Jamie D’Spain of Guaranty Title Company of Boerne, because most property owners borrow money (mortgage) at the time of purchase or during ownership, the lender requests protection of its investment against loss.
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said. “An Owner’s Title Insurance Policy protects your investment (equity) as the buyer or owner of the property. As the owner, you should want to have the same assurance as the lender that the investment you have made cannot be lost because of a problem or defect with the title.”
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“They insist upon a Mortgagee’s Title Insurance Policy to protect their stockholder’s and investors’ investment in your property,” D’Spain
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LENDER’S AND OWNER’S INSURANCE Lender’s title insurance protects your lender against problems with the title to your property, such as someone with a legal claim against the home. Lender’s title insurance does not protect your investment in the home. When you purchase a home, you receive a deed showing the seller has transferred ownership to you. Owner’s title insurance protects you if someone sues, saying they have a claim against the home from before you purchased it. Common claims come from a previous owner’s failure to pay taxes or from contractors who say they were not paid for work done on the home before you purchased it. If someone
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