Do I really need title insurance?
This is the question many consumers ask themselves when looking at the premium on the settlement statement. Being in the title insurance industry, of course we would say yes. The question behind the question is why do I need title insurance? The true answer would be hopefully you will never need to find out. If the title company is able to locate all the obstacles needed to issue the policy, you should be fine. Unlike other insurance policies, title insurance is from a point in time backwards. Like an armchair quarterback, we are able to see what happened and hopefully fix the issues.
If you were in the market for home or auto insurance, they would look at your history to “predict” the future. Just like home or auto insurance, you don’t need it until you NEED it.