We pay monthly or semi-annual fees for different types of insurance, and over the years all of these premiums add up. Many people would like to know how much they can expect to spend on automobile, home or health insurance, but those totals can be hard to quantify. One nice thing about commercial title insurance is that you can oftentimes understand exactly how much you’ll spend on a lifetime of coverage associated with a specific property after you connect with a title service team who can research and develop a policy to suit your needs. But what can someone expect to pay for a lifetime of commercial title coverage? We answer that question in today’s blog.
How Much Does Commercial Title Insurance Cost?
Unlike health or automobile insurance, title insurance is provided after the property owner pays a one-time fee to secure coverage. That’s right. You don’t need to pay an annual premium or have to deal with growing fees as the property ages. One payment secures one policy that should provide a lifetime of coverage for as long as you own the property.
With that said, it’s worth noting that if you ever sell the property or you need to refinance the terms of the loan associated with a property that your coverage will be closed with the mortgage, meaning another policy will need to be secured. If you’re selling your property to your son or you’re refinancing the loan to remove your spouse from the mortgage in the wake of a divorce, the closing of that loan will also bring your title insurance coverage to an end. If there are no changes to your ownership or loan, then that one-time payment should provide coverage for as long as you own the property.
So how much will it cost to secure a lifetime of peace of mind from title defects? Title insurance fees vary from state to state. Connect with a title team to get a better estimate of what you can expect to pay to secure coverage. Given the issues title insurance can prevent and the amount of money you’ve invested in the space, it really is a no-brainer to secure a protective title insurance policy.
Contact Commercial Partners Title
At Commercial Partners, we’ve helped countless commercial property investors and business owners secure a title insurance policy that protects themselves and their families for years to come. With so much at stake, you can’t risk losing all you’ve worked for because an unexpected title issue arises five days or 15 years into your ownership of the space. Work with a title service company who can discover any obvious title issues and set you up with an insurance policy to protect you from hidden issues. To learn more about how we help clients protect their investments, or for help with any other title-related matter, reach out to the team at Commercial Partners today at (612) 337-2470.