The primary purpose of owner’s title insurance is to safeguard homeowners from lawsuit claims from before they purchased the residence. These lawsuits are made by third parties claiming they weren’t paid for renovation or repair work done on the property. Also, remember that title coverage can protect you from financial loss when selling your home. If you are wondering whether owner’s title insurance is important, you’ve come to the right place. This blog post covers the benefits of this kind of insurance for homeowners. So, read on to find out!

Benefits of Owner’s Title Insurance

A tile or deed is legal proof that you own a certain property. If you believe that third parties are likely to make claims in the foreseeable future, it would be beneficial to attain owners’ title insurance. Here are three advantages of owner’s title insurance:

1.     Protects Your Property for You and Your Heirs

Owner’s title insurance is one of its most significant advantages for several decades. Several policies also cover the total buying price of the property. It is crucial that your final will and testament specifically name each heir to your property. Doing so will make any prospective legal conflicts much easier to resolve with previously unidentified heirs who claim ownership of your home.

Such a claim is also called a title defect, which is any defect that might be used to invalidate a title and is an example of such an ownership claim.

2.     Protection Against Legal Fees

Apart from protecting your property for you and your heirs to enjoy, owner’s title insurance also protects you against hefty fees and attorney costs. If a third party files a lawsuit, you may have to spend thousands of dollars on attorneys to handle your case.

Moreover, if you face any unexpected problems in your case, causing it to prolong, your legal costs are likely to increase. Therefore, owner’s title insurance ensures such cases don’t arise in the first place.

3.     Protection From Other Risks

Additionally, as long as the risks don’t exceed the policy’s limit, owner’s title insurance can protect you against certain risks. It involves issues with your home’s title brought on by:

1. Fraud or forgery
2. Unpaid mortgages and other debts
3. Inability to enter the property or leave it unattended
4. Outstanding debts, easements, or rights of way that restrict the use of the property

Access Jack Real Estate, Fort Myers Florida Can Help

If you are looking for real estate professionals to help you with title insurance, look no further than Access Jack. Jack Lewis GRI has been in business since 2004 and works to ensure the title insurance process is seamless. You can avail of their services in Fort Myers, Cape Coral, Bonita Springs, and other parts of Florida.

Contact Jack Lewis GRI at (239) 839-5927 or book an appointment by clicking here.