Many people have questions about how commercial title insurance works. One common question we hear is whether it’s necessary to renew a title insurance policy after it has been issued. That’s what we’re going to talk about in this article.
Do You Need to Renew Your Title Insurance Policy?
There are many types of insurance policies – auto insurance, homeowner’s insurance, life insurance, etc. Many of these types of insurance policies have expiration dates, at which point they need to be renewed – typically on an annual basis. That being said, title insurance works a bit differently than other types of insurance policies.
With a title insurance policy, you pay a one-time fee up front when you purchase the policy (typically at the closing of your property). The title policy does not come up for renewal on an annual basis. Once you have paid the up-front fee to purchase the policy, you are not required to pay any recurring renewal fees, unless you’d like to add specific coverages to the existing policy. This is one of the biggest benefits of a title insurance policy. You pay a fee when you purchase the policy, and it covers you for the entire time you own the property.
Commercial Partners Title – Minneapolis, MN
Commercial Partners Title specializes in commercial title transactions in Minnesota and across the United States. For decades, our experts have been facilitating commercial transactions of all shapes and sizes. Our team consists of title closers, escrow agents, underwriters, and more! We can help you through the entire commercial title process and make sure your transaction is a success. Contact us today at our primary offices located in downtown Minneapolis to learn more about the full extent of our services and how we can help you with your next commercial transaction!