[jimbo2012]

Originally Posted by Spectreron

Jimbo2012 I have the closing worksheet in front of me and Owners Title Insurance is $2210 and Lenders Title Insurance is $271...I pay both. That is a far cry from $700!

That's what what I paid & several others I know.

You need to check on that, must be an error

[Rebel Pirate]

Original Post from Spectreron:
Jimbo2012 I have the closing worksheet in front of me and Owners Title Insurance is $2210 and Lenders Title Insurance is $271...I pay both. That is a far cry from $700!

Originally Posted by jimbo2012

That's what what I paid & several others I know.

You need to check on that, must be an error

No errors. As with all insurance, the premium is linked to the amount of the coverage. If the insurance company is "on the hook" for $750,000, the premium will be higher than if the insurance company is risking $250,000.

This is also true for hazard insurance, auto insurance, etc. One person's experience (premium paid) will be different from another person's premium based on the particular facts and circumstances that enable the insurance company to quantify their risk exposure.

[jimbo2012]

Well Spectreron didn't say the amount of the home, guess then it's upwards of a 1M for that premium.

[graciegirl]

Here is an earlier thread on same subject. 2009 just for more input.

Title Insurance

[Advogado]

Originally Posted by Spectreron

What did you do about Owner's Title Insurance at closing? It's expensive, over $2,000.00 and I really don't want to blow the money if it's not necessary. I know the Lender's Title Insurance is required but what could go wrong that I would need the owner's insurance? I'm sure the developers has clear title to the property they're selling, so do I need it? Thanks in advance, many of you are very wise and I know I'll get good guidance!

Since apparently your contract does not require the seller to provide owner's title insurance, as would normally be the case, I gather that your are buying a new house directly from the developer. Presumably, your contract requires the developer to provide you with a warranty deed, which will warrant title to you. If those assumptions are correct, I wouldn't buy title insurance.

First, you can be pretty certain that the developer would have resolved any title properties himself before developing the property. Second, if there is a problem, you can sue the developer on the basis of the warranty deed. Third, the title company will do a title search when it issues the lender's policy, so the chances of any problem are reduced still further. Are you running a risk? Yeah, but it is pretty small. Remember, even if you buy title insurance, you still risk the insolvency of the insurance company.

[Spectreron]

Jimbo, the price of the home is under $400,000.
I really just wanted to know if owners title insurance was really needed since the land is from the builder and we all know he had his ducks in a row when he purchased the land.

[gustavo]

Originally Posted by Spectreron

Jimbo, the price of the home is under $400,000.
I really just wanted to know if owners title insurance was really needed since the land is from the builder and we all know he had his ducks in a row when he purchased the land.

Owners title ins is a scam. If you borrowed, usually the lender requires you to get the lender's ins. The lender's ins covers the amt of the mort. The owner's covers the rest. I have bought and sold 15 properties in my lifetime and never opted for the owner's ins.

If I recall the language in the insurance is slanted against the owner as well. Kind of like when you get a termite inspection and it says if there were termites where they didn't look, they're not responsible. What a deal.

[jimbo2012]

Originally Posted by Spectreron

Jimbo, the price of the home is under $400,000.
I really just wanted to know if owners title insurance was really needed since the land is from the builder and we all know he had his ducks in a row when he purchased the land.

Yes it's needed, search around online, title companies have problem claims all the time.

The issue I think you have is you're quoted more $$ than it should cost.

U know you can call any title company up for another quote and use their policy I would think.

Someone I believe miss quoted your policy.

Putting that aside if U spend $400 K for your home want's a couple of bucks for the title but shop it as simultaneous policies, not separate.


You also need extended sinkhole insurance, I think Villages insurance has the one of the only companies that write.