A title insurance policy is an insurance policy that insures you against liens or other claims against your property. Unlike other types of insurance, you pay the premium one time and the policy generally insures you for as long as you own the property. In Texas, Title Insurance rates are regulated by the Texas Department of Insurance and the rate is based on the amount of coverage provided by the policy. There are two basic types of title insurance, an owner’s title policy and a loan title policy. Most financial lenders require a loan title policy as security for their investment in your property just as they require homeowners insurance or other types of coverage for their protection. Owner’s title insurance lets the new homeowner feel safe and confident there are no other claims as to the ownership of the insured property. Among other matters, it ensures access to the property, gives the homeowner the right to occupy the property, and provides indefeasible title.
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