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Originally Posted by Garywt
I passed on the title insurance but the bank has it. I have hurricane coverage and both sink hole coverages. I think the simple sink hole has a deductible of $10k but the other is $500 or something like that. Did not go with flood and hopefully that is not a mistake but the Village water system is all connected so the ponds are somewhat self leveling. We closed through the mail, the bank sent us everything, we signed and sent it back, no attorney used.
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The bank's title insurance will protect the bank, but won't protect you, if the title is found to be defective. You would need an owner's title policy, but I can understand why some people don't buy it on a new house. But, I once bought a pre-owned house that did not have a clear title because a previous owner had sold the house without getting his estranged wife to sign the deed. If the title search had not revealed the situation, title insurance would have been useful.