What is Title Insurance?
Title insurance is insurance on the title to property that protects the lender or homeowner in case of title defects. In other words, your policy is an assurance of your ownership interest.

What are the Different Types of Title Insurance?
There are two different types of title insurance:
A lender's policy
An owner's policy

In most cases, mortgage lenders insist on receiving a lender's policy. It protects the lender against title defects that might affect the security of the mortgage loan. It also gives the lender a valid lien on property owned by the borrower in the case of foreclosure. The lender's policy insures only the lender - it does not protect you.

An Owner's Title Insurance policy protects you from defects or errors in recorded documents. In addition, it insures you against title defects not shown in public records such as:

• Undisclosed Heirs
• Forgery
• Mental Incompetence
• Name Confusion
• Fraud or False Representation
• Defective Deeds
• Marital Rights
• Execution by Minor

Why Do I Need Title Insurance?
Careful title examination will not protect you from these types of errors. Nor will a review of the property's ownership history, or the lender's policy. Only an Owner's Title Insurance policy from the Title Company will give you protection against title defects, many of which could result in loss of title to your home.

If a valid claim is made against your title, and you do not have title insurance, you are responsible for all of the costs including attorney fees, court costs and any payment required to resolve the claim.

What does My Owner's Title Insurance Policy Cover?
Your Owner's Title Insurance policy covers matters affecting access, rights of way, many survey conditions, mechanic's and material men's liens, subordinations, tax liens, prescriptive rights and assessments.

If a claim is made against your title, Owner's Title Insurance protects you by:

• At the underwriter's expense, defending your title in court if necessary
• At the underwriter's expense, settling the claim against your title if the claim proves valid. Either the claim will be disposed of or you will be reimbursed.

Your Owner's Title Insurance will stay in force as long as you or your heirs own the property.

How Much Will My Owner's Title Insurance Policy Cost?
As regulated by the Ohio Department of Insurance, title insurance usually costs less than 1% of a property's sale price.

The premium for your title policy is a one-time fee, and is paid in full at the time of closing or within 30 days of your closing date.

When Will My Policy Be Issued?
A policy is issued after title examination and related documents have been executed and recorded following the closing.