The Costa Mesa Blog by Torelli Realty

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Title Insurance and Homeowners Insurance

It isn’t uncommon for both current homeowners and potential homeowners to be confused about title insurance and homeowners insurance. While they’re completely unrelated insurance policies, both of them have to do with owning and buying a home. Generally, homeowner’s insurance will protect for theft and disaster whereas title insurance will protect your ownership in the actual property. Usually, your house is your biggest asset and title insurance and hazard insurance alike serve as critical vehicles to guard this massive investment. Let us further talk about what each insurance does and how it’ll work for a homeowner.

Homeowner’s Insurance

This type of insurance will protect your home from any damage, loss, and other variety of risks. You might find homeowner’s insurance additionally referred to as hazard insurance. Different liability problems, personal property that is kept inside the house, medical costs for accidents that occur on the property and other structures existing upon a property all are typical aspects which are covered underneath a hazard insurance policy. Most wind damage, vandalism, theft, storms, and fire all are standard events which are covered under homeowner’s insurance. Some bit of homeowner’s insurance will cover windstorms like hail storms and tornadoes as extra items covered. Usually, standard policies exclude specific items such as earthquakes, flooding, defective tradesman’s work, landslides, and some additional items. Flood insurance might be purchased if the home lies in a flood zone and probably will be required by a lender. Not just will a homeowner’s policy involve property insurance, yet it additionally will include property liability protection that protects a homeowner.

Title Insurance

This type of insurance differs from homeowner’s insurance in that it’ll protect against property loss or damage which might result from an encumbrance, lien, or title defect. Title insurance and a title search are a vital part of any home purchasing transaction. As a sales contract gets accepted, a title expert searches through public records to check if any issues exist with the property’s title.

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