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Do you need title insurance on a home?
My wife and I are closing on a house, and when I was looking over the paperwork, I saw that we’re paying for title insurance. What is title insurance? Do you really need title insurance on a home?
Rachel Rigolino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes. In fact, if you have a mortgage, your lender will require title insurance.
Title insurance protects you in case there is a lien against your property that is not uncovered by the time of your closing. It also protects you against any fraudulent actions taken by the seller that may place a future lien on the property.
Among other services, title companies both research a property to make sure it has no liens, and they also issue title insurance.
Title insurance protects both you—the buyer—and the bank or lender who is issuing you a mortgage. Occasionally, after purchasing a house, owners discover that the property has a lien against it.
If you have title insurance, your insurance will help you settle the debt with the lender if a lien is found after closing on your house. Otherwise, you would be at risk of having to pay the outstanding mortgage yourself—and perhaps even needing to sell your house to do so.
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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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