Insurance is something you’ll be thankful to have if you ever need it, but at the same time, nobody wants to pay for coverage that they don’t actually need. If you’re considering purchasing a new commercial property and want to keep yourself and your finances protected, you may be wondering if you need to purchase title insurance if you plan on getting coverage through a homeowners insurance policy. While both of these policies center around your property, they do not provide the same coverage, and skimping on one policy can leave you susceptible to an unexpected claim.
If you’re lucky, you’ll never need to file a homeowners or title insurance claim, but running into an issue without either policy can have devastating financial consequences. If your dog bites someone or another party actually has a legitimate claim to your property, you may end up footing a huge financial bill and could even lose your property. Instead, give yourself peace of mind knowing that your finances are protected by securing both of these important policies.
At Commercial Partners, we can investigate your property and determine exactly how much coverage you need for a title insurance policy. This policy only requires a one-time fee to provide coverage for as long as you own the property, so it can buy decades of protection. To learn more about how we create owner’s title insurance policies, or for help with any aspect of your latest commercial acquisition or sale, reach out to the team at Commercial Partners today at (612) 337-2470.