Other Links

• Login
• Contact Us

TITLE INSURANCE

Your lender will require that aTitle Search be done on any property you wish to purchase and may require that you pay for a lender policy. The title company will go into public records to see if there are liens or judgments against the present homeowner which will have to be satisfied at the time of closing. The search will also disclose if there any easements on the property.

There is also owner title insurance which protects you, the buyer, against mistakes made in earlier sales of the property and protects you against fraudulent claims of ownership against your property.

The title insurance fee is a one-time charge – usually based on the price of the property.

HOMEOWNER’S INSURANCE

Homeowners insurance combines hazard insurance and personal liability insurance. Review your policy annually to be certain it is sufficient to cover any improvements you have made to the property or additional purchases of personal property you may have made. Items like works of art or jewelry over a certain value are not covered in the standard insurance policy. Your insurance agent can inform you as to the additional coverage you will need. You will also need specific insurance policies to cover catastrophic events like earthquakes, floods, tornados or avalanches. Your lender will require a flood insurance policy if your property is located in a designated flood zone.

Some condominium buildings provide hazard insurance through the homeowner’s association, however, your personal property may not be covered under their policy. You will have to carefully review the condominium covenants and restrictions and by-laws to determine the additional personal property and liability coverage you will need to purchase on your own.

OPTIONAL INSURANCE

Mortgage Insurance or Term Life – Mortgage insurance will pay off the balance of your mortgage in the event of the death of the insured borrower. It is, however, extremely costly. You may want to investigate the cost of a term life policy in the amount of the mortgage that would be paid to your beneficiary or surviving spouse.