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Wednesday, March 27, 2013

Why I Always Buy Title Insurance

To date, I have purchased title insurance for both houses we owned.   I am now considering buying title insurance on land that I will inherit from my parents.  In my state, the cost of title insurance was about $300 per $100,000 of coverage.

Here's why I buy title insurance:
  1. Inexpensive.   At $300 per $100,000, the insurance is very cheap.  Legal costs to address a title issue can easily exceed $1000.
  2. Peace of mind.  Knowing that I have titled insurance gives me worry free ownership.  If there is an ownership issue, it will be fixed.
My understanding is that title insurance can be purchased anytime there is a transfer of title, to ensure the title is free and clear.  So my plan is to buy title insurance for the inherited land.

For more on The Practice of Personal Finance, check back every Wednesday  for a new segment.

This is not financial or real estate advice. Please consult a professional advisor.

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