{"id":33591,"date":"2020-09-14T12:12:29","date_gmt":"2020-09-14T16:12:29","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=33591"},"modified":"2020-09-15T13:46:20","modified_gmt":"2020-09-15T17:46:20","slug":"business-report-is-title-insurance-a-four-letter-word","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/09\/business-report-is-title-insurance-a-four-letter-word\/","title":{"rendered":"Business Report: Is Title Insurance a Four-Letter Word?"},"content":{"rendered":"<figure id=\"attachment_33592\" aria-describedby=\"caption-attachment-33592\" style=\"width: 150px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-33592\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/09\/dan-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/09\/dan-150x150.jpg 150w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/09\/dan-65x65.jpg 65w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><figcaption id=\"caption-attachment-33592\" class=\"wp-caption-text\">Daniel B. Wade, attorney with Ianniello Anderson PC in Glens Falls. Courtesy Ianniello Anderson PC<\/figcaption><\/figure>\n<p>By Dan Wade, Esq.<br \/>\nWe\u2019re all familiar with auto insurance, health insurance and homeowner\u2019s insurance, but what do you know about title insurance? Do you know if you\u2019re covered?<br \/>\nOwning a home is likely the biggest investment you\u2019re ever going to make. And like most homeowners, the \u201cAmerican Dream\u201d comes with a mortgage attached. It\u2019s safe to bet that as the mountainous stacks of papers were being shuffled around during your real estate closing, you may not even remember that you purchased title insurance for the lender. <!--more--><br \/>\nLenders require this to protect their security. It\u2019s important to note that the title insurance you purchased for the lender, sometimes called a loan policy or mortgage policy, only covers losses incurred by the lender. It does not cover you. At the closing table, you would also have been offered an owner\u2019s title policy. As a practice, I prefer to discuss any expenses like this with my clients prior to closing day. The decision of whether or not to purchase the owner\u2019s title policy could have ramifications for you down the road should you decide to sell someday.<br \/>\nSo, what does an owner\u2019s policy of title insurance cover and why is it important?<br \/>\nAn owner\u2019s policy of title insurance will cover any loss you might suffer as a result of the condition of title to the property you own being something other than what was insured. The owner\u2019s policy covers you up to the dollar amount you paid for the property.<br \/>\nSome of standard covered title risks include public record or clerical errors not previously discovered, forgery or lack of capacity or legal authority of a party somewhere in the history of the ownership of the property, unsettled mortgages or other liens of record not previously disclosed, lack of a right of access, recorded easements not previously disclosed, and deed not being joined\/executed by all necessary parties, to name a few.<br \/>\nSo, having something \u201cpop up\u201d 5, 10, 15 years from now when you try to sell your home could cause a devastating delay to your deal and cost you thousands of dollars in fees trying to correct an issue if you didn\u2019t have an owner\u2019s policy. With an owner\u2019s policy, you would have the ability to make a claim and put the title insurance company and their attorneys to work correcting the issue. In some instances, the title insurance company insuring the buyers of your property may be able to seek indemnity from your title insurance company allowing the deal to proceed on schedule while they work behind the scenes to correct any title defects, saving you both time and money.<br \/>\nThe good news is that in New York state an owner\u2019s policy premium is a one-time fee, unlike auto, health, or homeowner\u2019s insurance. You pay it once and you\u2019re done. In addition, title insurance premiums are strictly governed by the state Department of Finance, so you\u2019ll pay the same premium rate no matter which title insurance agent you purchase your policy from. No shopping around needed. The best part is that your owner\u2019s policy will cover you for as long as you own the insured property.<br \/>\nI recommend to all of my clients that they purchase title insurance. As a one-time fee that provides peace of mind for as long as you own the property, it\u2019s a worthy investment. And yes, title insurance is a four-letter word. But that four-letter word is \u201cgold\u201d because it\u2019s worth its weight should you someday need it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Dan Wade, Esq. We\u2019re all familiar with auto insurance, health insurance and homeowner\u2019s insurance, but what do you know about title insurance? Do you know if you\u2019re covered? Owning a home is likely the biggest investment you\u2019re ever going to make. And like most homeowners, the \u201cAmerican Dream\u201d comes with a mortgage attached. It\u2019s [&hellip;]<\/p>\n","protected":false},"author":196,"featured_media":33592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Business Report: Is Title Insurance a Four-Letter Word? - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/09\/business-report-is-title-insurance-a-four-letter-word\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: Is Title Insurance a Four-Letter Word? - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Dan Wade, Esq. We\u2019re all familiar with auto insurance, health insurance and homeowner\u2019s insurance, but what do you know about title insurance? Do you know if you\u2019re covered? Owning a home is likely the biggest investment you\u2019re ever going to make. And like most homeowners, the \u201cAmerican Dream\u201d comes with a mortgage attached. 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