HOW DOES TITLE INSURANCE DIFFER FROM CASUALTY INSURANCE?
Casualty Insurers (Car, life, health, etc.) assume risk for future events, collecting monthly or annual premiums. A title policy insures the past of the real property and the people who owned and own it, for a one-time premium paid at closing. WHO NEEDS IT? Purchasers and lenders need title insurance to know that the property they are involved with is insured against various possible title defects. Whether it’s a sale, refinance, construction loan … the seller, buyer, and lender all benefit.
