At Mahar Insurance we sell homeowners insurance, not title insurance, however, we are right this article to you better understand the difference.
What is title insurance?
According to Candace Wallace, Title Agent at Heritage Park Title in Nappanee, Indiana “there are two types of title insurance policies. They are (1)an Owner’s Policy and (2) a Lender’s Title Policy.”
Understanding the Owner’s Policy
Ms. Wallace continues, “our title company will recommend, not require, an Owner’s Policy to protect the homeowners interest in the property for as long as they own it.”
As we understand it, the title poicy assures you the title company will pay valid claims, both monetarily and with legal defense if needed.
Understanding the Lender’s Title Policy
We caught up with with Tim Weldy, owner of Hometown Mortgage in Bristol, Indiana. To learn more about the Lender’s Title Policy.
“As a mortgage lender we have a great financial interest in the properties homeowners buy. As a result, we require that a homeowner purchase a one-time title insurance policy at closing that protects the mortgage company’s interest in the property during the time it holds the mortgage.”
Can your Homeowners Insurance be replaced by either type of Title Insurance?
Absolutely –NOT — Title Insurance protects the right of losing a home due too “hidden hazard” that even the best title search performed by the most experienced and capable experts cannot identify; such as missing heirs, forgery, and fraud.
Why Homeowners Insurance is most important?
Whether you are the owner of a new vacation lake home in Edwardsburg, Michigan or have lived in your house on Division Street in Dowagiac, Michigan for years, we know how important your home is to you.
That is why Mahar Insurance sells Homeowners Insurance, which not only protects your house and property from natural disasters, accidental fires, and thief. We work with the best companies in the insurance industry who offer Homeowners insurance that also protects your belongings, yourself and your guests.
Land is permanent, but its ownership is not. Title insurance protect that for you and your lender. In addition, you have put forth a lot of hard work into providing a secure home for yourself and your family.
Talk make certain you have unbiased personal advice on the best combination of home insurance coverage, value and price to protect your hard earned investment talk to Mahar Insurance.
We do not focus on just one set of company brand options like State Farm, or Allstate agents typically do. Instead, we represent several insurance company options, therefore you get the homeowners insurance policy that works best for you.
Contact us today to schedule a FREE 15 mintue, no obiligation Homeowners Insurance Policy Review.
To learn more about Title Insurance check out the resource available at the North American Title Insurance Company >>>