FOR HOMEOWNERS | TRYON TITLE

What IS Title Insurance and Why Do I Need It ?

  • IT’S IMPORTANT: When you buy a home, there are all sorts of insurances and third party services to consider. What most home buyers don’t realize though, is just how important title insurance is. Title insurance protects you and your mortgage lender against losses related to defects in the title to your property. What qualifies an issue as a defect can range from improperly recorded documents and forgery all the way to easements and encroachments, so you want to make sure that you have solid title insurance to cover yourself.
  • IT’S REQUIRED: Title insurance is necessary to protect your interest in the insured property. Were someone to ever make a claim of ownership interest or a defect of any kind were to be discovered, title insurance protects you against any losses. Without it, you would be exposed to potentially hundreds of thousands of dollars in losses and your home would be at stake.

 

WHY TRYON TITLE?

We’re a local title insurance company located in the heart of North Carolina. Tryon Title is also an industry leader, and we take the job of protecting your home ownership interests seriously. When it comes to handling title claims, you can have peace of mind knowing that your best interests are being looked out for. Ask your agent about using Tryon Title for your title insurance policy!

Did you just receive your title insurance policy?

Put it somewhere safe so you can find it in the future. The document you received contains the information for who to contact in case there are questions about your title or issues that arise, as well as your policy number, vesting information, amount of insurance, and exceptions to coverage. Most homeowners will never need to refer back to their title documents after closing, but it is better to have it handy and not need it than need it and not have it. Do you have any additional questions? Feel free to call us at 919-277-0123.

Think you have a title insurance claim ?

  • If someone has asserted an interest in or a lien on your property and it is not listed as an exception in your title policy, then you have a claim. The first thing that you should do is avoid panicking – this is exactly what title insurance is for. Pull out your policy and read it to determine where and how you should send notice of the claim; usually you will need to send a certified letter to your title company. It is critical that you alert your title company as soon as possible to any claims against your title, as it is written in most policies that you could be liable for losses if you do not promptly alert your title insurance company.

 

  • Once the title company is aware of the issue at hand, they will spring into action. Many title issues are relatively easy to resolve, and you are protected against financial losses if they aren’t so easy to fix and require litigation. Rest assured that title claims are few and far between and that we are committed to being by your side through every step of the claim. No matter the size of the claim or the complexity of the issue at hand, Tryon is always on your side.

Cost of title insurance

The amount and type of coverage provided determine title insurance premiums. The schedule of rates, forms and any rate modifications are required to be filed with the North Carolina Department of Insurance. Unlike other insurance premiums, however, the title insurance premium is paid only once, as the policy is effective for so long as title or “ownership” remains in the name of the insured, or his/her heirs. Title insurance, unlike other types of insurance coverage, does not have to be renewed. 

Learn more by visiting: 

Our News Page

NCDOI

Consumer Finance