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Do I need title insurance on a new home?
I’m purchasing a new home. I’m going through my closing documents and it mentions title insurance. Will I need title insurance on a new home?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the new home! If you are financing your home, you will need title insurance on your new home.
A lender requires title insurance to prevent any losses should there be an issue with the home’s title at the time of sale. For example, if the seller wasn’t legally allowed to sell the home, your lender would have protection from title insurance up to the cost of your mortgage.
If you are not financing your home, owner’s title insurance is optional. Most people opt for title insurance in addition to
home insurance
to ensure their new investment has guaranteed protection. While home insurance protects your home after you’ve officially purchased it, title insurance protects you during the sale. Should there be any mistakes with your closing documents, unknown liens on the property, fraud, or anything that may prevent the sale, your title insurance protects you as the home buyer.
Whether you need title insurance or are interested in your options, reach out to your mortgage lender or real estate agent. They likely have companies they regularly work with. If you’ve hired an attorney, they may also have recommendations.
Additionally, if you need home insurance, consider using
Jerry
.
A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying insurance.View full answer
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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