While you may think that all forms of insurance exist to offer a person financial protection in the event of an unexpected issue, title insurance is a bit different than many other forms of insurance. In today’s blog, we explain how title insurance differs from other common types of insurance.
Perhaps the largest difference between title insurance and other forms of insurance is what exactly the insurance policy protects you against. For example, health insurance provides coverage for new injuries, like a broken bone or a doctor’s visit for the flu. Similarly, automobile insurance provides coverage for any damage that occurs after the policy’s origination date. With title insurance, you are getting protection for issues that began before you acquired the property. If a long-lost cousin of the seller claims to actually have a right to the property, or a tax lien is discovered on the property from before you became the owner, you aren’t going to be on the financial hook to solve these problems. Health and automobile insurance protects you for new issues, while title insurance offers protections for old issues that only now come to the surface.
Your Title Insurance Questions, Answered
Do you have questions about title insurance as it relates to your commercial real estate transaction? We’ve got the answers you’re looking for! At Commercial Partners Title Company, we have built up a reputation as the experts in commercial transactions. Our team consists of title insurers, underwriters, escrow agents, and more – all ready and able to help guide you through the intricate details of your next commercial transaction. If you have any questions about your transaction, don’t hesitate to contact us at our downtown Minneapolis office to learn more about our title insurance services and see how we can help you.