There are a lot of complexities to commercial title insurance, and many people want to know whether or not they need to renew their title insurance policy at any point – like you would your auto insurance policy.
Title Insurance Renewal
Most insurance policies expire at a certain date, at which point you have to renew your policy. Auto insurance, for example, typically renews on an annual basis. Each you have to renew your policy, and your costs and coverage may change. But do you have to renew your title insurance policy on a regular basis?
The short answer is, no you do not have to renew your commercial title insurance policy on an annual basis. Title insurance is different from most other types of insurance in that you pay a one-time fee. Commercial title insurance requires a fee when you purchase your policy. After that, you don’t need to pay any recurring fees unless you want to add coverages to your policy. This is one of the huge benefits of commercial title insurance. You pay once for the policy, and it covers you for as long as you own the property.
Commercial Title Company in Minnesota
At Commercial Partners Title in Minneapolis, our team of title insurance specialists have decades of experience helping taxpayers all over the country with their title insurance needs. We are recognized as experts in commercial transactions across the United States. If you are in need of help with your commercial real estate transaction, look no further than Commercial Partners Title. Our team of escrow agents, title closers, and underwriters is available to answer your questions and walk you through the steps of your transaction. Contact us today at our downtown Minneapolis office.