United General Title Insurance Helps Smooth Home Sales

When buying a home or other property, it helps to have title insurance to guard against the possibility of a pending sale being either disrupted, postponed or worse – a third party suddenly claims to have a legal and titled interest in the home or property. In such cases, even when the sale eventually is finalized, a great deal of legal costs and others can add up to a large loss for the parties involved. But a good title insurance plan like those sold by the United General Title Insurance Co. can help smooth the home sales and pay any legal costs and other expenses caused by a faulty title claim on a home or property being purchased.

Title insurance is different from homeowners insurance. Unlike homeowners insurance, title insurance does not protect anything other than the claim on the property. So it still is necessary to buy homeowners insurance, which the United General Title Insurance Co. does not sell. Still, there are a great deal of viable homeowners insurance companies that can provide affordable coverage on a new home or other property being titled. In such instances, standard homeowners insurance coverage might be all that is needed.

For example, a relatively modest home with few if any obvious risks, such as being located within a federally designated flood plain, might not need much by way of extended risk protection. Standard homeowners insurance plans offering standard coverages, such as insurance against fire, internal flooding, falling objects, such as trees, and providing some modest coverage for personal belongings as well as some measure of liability insurance coverage might be all that is needed. But families with more elaborate homes and a great deal of liquid and other assets need to be wary of potential liability settlements as well as the cost of repairing or replacing damaged or destroyed property.

For families with large homes, properties or other assets, such as a farm home with commercial as well as personal interests involved, an elaborate broad form home protection plan might be the best option along with some amount of commercial insurance coverage for any commercial operations, such as farming or raising livestock. And scheduled coverage for specific personal items can be a good way to have a high amount of coverage on only a few items to help keep premiums as low as possible.

While title insurance, such as that sold by the United General Title Insurance Co., does not protect the physical elements of a home and its occupants, it does help ensure a home being sold has no prior legal obligations or claims and can keep a family and hits belongings in that same home. When such coverage is not in place, a third party might be able to swoop in and evict an entire family from its home with a potentially legal claim against their property. But title insurance will help ensure there are no other titled obligations tied to a property or home so the buyer and seller know they are free and clear to complete the transaction. By Mike Heuer