Indiana Title Insurance - 5-Star Rated!
If you’re like most people, you’ve probably heard of title insurance before, but you don’t know what it does and why your lender requires it. This is understandable; unlike car insurance or health insurance, title insurance has a single, specific purpose, which is to protect you against financial loss in the event that someone makes a claim against your ownership of a home or property.
When you purchase property in Indiana, you’re purchasing the title to it. The title to a property gives you the right to reside in it and use it. There are times, however, when someone else may contest the title and claim that they are the rightful owner of the property, either based on past rights or claims asserted by others.
In the best case scenario, a contested title is simply an inconvenience, but there is a possibility that the party making the claim does indeed have a right to the property, in which case you could lose money in a lengthy court battle or even lose your home.
Indiana title defects that can result in a claim include:
Undisclosed or missing heirs
Errors in legal documentation or public records
Deeds from defunct corporations or companies
Forged deeds, wills, or releases
Deeds from parties unable to enter into contracts (persons of unsound mind, illegal aliens, minors)
Failure of spouses to join in conveyances
When you have title insurance in Indiana, any court costs and related fees are covered by the insurance company in the event that a claim is made against your property. Your legal defense in court will also be arranged by your insurer. In the event that a claim is proven to be valid, your title insurance company will reimburse you for any losses you suffer, up to the face value of your title insurance policy.
While it may seem like only a remote possibility that a claim could be made against your property, when such claims are made, they can be costly. This is why lenders require homeowners to take out title insurance policies.
Your realtor or lender may recommend an Indiana title insurance company when you purchase a home, but it’s important to shop around for the best rates and coverage. You’ll also want to be sure that your title insurance provider is responsive and reliable, as they are an important part of the closing process.