Many people think title insurance and homeowner’s insurance are the same thing, but they are not. There are some pretty significant differences between the two that are important to be aware of. In this article, we are going to discuss the differences between title insurance and homeowner’s insurance.
Homeowner’s Insurance Explained
Homeowner’s insurance covers you against physical damage to your property. If hail damages your siding, or a fire burns down your garage – these types of damages would be covered by your homeowner’s insurance policy (depending on the specific details of your policy, of course!). Homeowner’s insurance may also cover you against damage to individual items within your property (like a TV or computer), as well as medical bills related to an injury that occurs on your property.
Title Insurance Explained
Title insurance is different than homeowner’s insurance, but equally important. While homeowner’s insurance covers you against physical damages to your property, title insurance covers your ownership interest in the property. If someone brings a claim against your title to the property (perhaps due to a defect in the chain of title to your property), title insurance will protect your ownership of the property and pay for any legal fees necessary to defend that claim.
Commercial Partners Title – Experts in Commercial Transactions
At Commercial Partners Title Company, we are recognized as experts in commercial transactions by our peers both in Minnesota and across the country. Our team of title closers, escrow agents, and underwriters is well-equipped to help you through all the details of your transaction so you are prepared for your closing. Contact our commercial title experts today for help with your next transaction. Our primary office is located in downtown Minneapolis but we work with clients throughout the state of Minnesota and around the United States.