Do You Need An Owner's Title Insurance Policy For Your Home?

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[@kencreel5660]

The owners title insurance may not cover all the court costs- it is important to know what you are buying and what it covers.

[@russcali4138]

very helpful. If the seller paid for a title policy 5 years ago when they bought can I just do a search for any issues that may have arisen from that point and not buy a new policy ?

[@dukenguyen5881]

Do you need owners title insurance on a future new home build?

[@WinTheHouseYouLove]

I would

[@alexalvarez7435]

Buyer always pays for lender title insurance, correct ?

[@WinTheHouseYouLove]

If using financing that's correct! Sometimes it can be negotiated in the contract for the seller to pay it.

[@TeslaBoy123]

@@WinTheHouseYouLove this is confusing until u don't finish payoff loans bank own title and property what point lender and owner having same insured I smell is a scam in a old home after 50 year nobody come from nowhere and ask this my property
Maybe for a new construction home never owned before I understand maybe land is owned by other people

[@WinTheHouseYouLove]

M . E . Teruel when you buy a home, you have 100% of the title. A mortgage secures a note to a title as collateral, not as ownership. A lender requires a policy in the event a title lien supersedes their own. A buyer requires a title policy in the event a lien challenges their right to the title. 2 parties are involved, so 2 policies are there to protect both.
You don’t get car insurance for you AND other drivers. You get insurance for you. And other people get insurance for themselves (hopefully)

[@sarveshn8571]

For a new construction home, do we need this?

[@lenso010]

what if I done all my title process via lawyer ?

[@Jen-bt3jb]

Would you be getting the owners title policy with the same company as the lenders title company. I'm reviewing my estimated loan documents. I wander why it was not brought up to me about owners title policy.The lender will be choosing the title company as were purchasing from our landlord. Your videos have definitely kept me on my toes. Thanks!

[@WinTheHouseYouLove]

You can get it from a different company, but there is usually a solid discount from the title company if they carry both policies.
Not everyone will point out it's optional, but on your Loan Estimate, your Owner's Policy will be on Page 2, Section H and will say Owner's Title Policy (optional).
You can change title companies since the title work is in Section C under Services You Can Shop For.

[@Uncilro]

@@WinTheHouseYouLove Thank you so much for this.

[@kaizablan4710]

Hi! Do we need to renew and pay owner title insurance every year or once only? Thank you

[@WinTheHouseYouLove]

You don't have to renew

[@adnanshah7634]

@@WinTheHouseYouLove Do you pay once when you are buying it or is it monthly?

[@damionthompson3473]

what company offered that service

[@fluent_In_finance]

Would owner title insurance protect my down payment on a reo/foreclosure?

[@WinTheHouseYouLove]

Owner's insurance only protects your ownership of the property if someone were to challenge it.
Here's a good article on equity during foreclosure → www.loan.com/home-loans/what-happens-to-equity-during-foreclosure.html

[@sgrr.6685]

Do you need that for new build homes?

[@WinTheHouseYouLove]

I'm now on live stream, maybe I can answer that now. See you!