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Why title insurance is a sometimes-costly evil

Industry pays out much less than it collects in premiums

Just about everybody understands the need to purchase automobile and homeowner's insurance to protect against unexpected losses that are often more costly than most of us can afford to pay. We hope we never have to file such a claim but, just in case, we pay relatively affordable premiums for protection. However, when buying or selling a house or condominium, there is another type of insurance with which most of us are unacquainted. For a one-time premium at the time of home purchase, the title insurer will protect the mortgage lender and/or the homeowner as long as the mortgage or home ownership is in effect. Purchase Bob Bruss reports online. To illustrate, when is the last time you heard of a homeowner encountering a title insurance claim? Although I've been buying and selling real estate almost 40 years, I have never had to file a title insurance claim, nor have I ever heard of a title insurer paying a title policy claim. Yet, title insurance is a "necessary evil" for real estate o...

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