919.277.0123

For the Home Owners | Tryon Title

What IS Title Insurance and Why Do I Need It ?

  • 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 how important title insurance is. Title insurance protects you and your mortgage lender against losses related to defects in the title to your property. Such defects can range from improperly recorded documents and forgery all the way to easements and encroachments.
  • 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, you would be protected against any losses with title insurance. Without it, you would be exposed to potentially hundreds of thousands of dollars in losses and your home would be at stake.
          • Tryon Title is an industry leader and takes the job of protecting homeownership interests seriously. You can trust us to give you peace of mind from title claims.

Your policy just showed up in the mail.  Now what ?

Put in 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.   You can call us at 919-277-0123 if you have more questions.

Think you have a title insurance claim ?

  • If someone has asserted an interest in or an 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. You should 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 a claim.

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

http://www.ncdoi.com/_Publications/Consumer%20Guide%20to%20Title%20Insurance_CHO1.pdf

http://www.consumerfinance.gov/owning-a-home/