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Unlike other types of insurance coverage, like hazard insurance, which protects your home from possible future events and charges an annual premium, title insurance policies provides protection against past events, and charges a single payment for a lifetime of coverage. More specifically, a title insurance policy ensures the title to your property—your right of ownership of your property— from legal challenges from others claiming right to your title.

Title insurance protects against some of the most common title defects such as: An illegal or erroneous transfer of title before you purchased the property, Mistakes in recording legal documents, Undisclosed or missing heirs, Liens for unpaid estate, inheritance, income, or gift taxes, Fraud, Deeds by persons of unsound mind, by minors, or by person supposedly single, but in fact are married, False impersonation of the true owner of the property, Documents executed under an invalid power of attorney, Forged documents such as deeds, releases, and wills.

There are two types of title insurance policies—a lender’s policy and an owner’s policy. A lender’s policy, sometimes referred to as mortgage title insurance, is required by most lenders as security for its interests in real estate; whereas, an owner’s policy is not required by law, but is highly recommended as security for their investment in real estate.

In states like New York, title insurance premiums are set by the state. Click here to use our free online calculator. With that being said, there are many factors like the age of the current policy which may qualify you for premium rate reductions. For more information, please contact a GlobalServe sales representative. Contact us for more info