You have been saving your money for a long time to buy the house of your dreams. Purchasing that house is an important investment for your future. Title Insurance protects your investment and insures that you have good and marketable title. In other words, if anyone makes a claim to your property, the Title Insurance Company will defend your title or ownership right and correct or clear any title issues if possible. St. Andrews Title & Exchange is underwritten by Old Republic Title Insurance Company.
Two Types of Title Insurance:
At the time you purchase your home you will have the opportunity to purchase an Owner's Title Insurance Policy issued in the amount of the purchase price. You will pay a low one-time premium that will protect you and your investment for as long as you own the property. This owner's policy guarantees that the property you are purchasing is free of undisclosed liens, confusion in the rights of ownership, and other clouds on the title. An Owner's Policy provides assurance that your title insurance company will stand behind you—monetarily and with legal defense if needed—if a covered title problem arises after you buy your home.
When you mortgage your home, your lender will most likely require you to purchase a Lender's Title Insurance Policy that will protect the lender up to the amount of the mortgage. It only protects the lender's interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases as you pay down your loan and eventually disappears as the loan is paid off.
Your Title Insurance Policy Protects Against: