Homeowners Insurance & Title Insurance- What It Is & Why You Need It.

Homeowners Insurance

Homeowners Insurance protects the buyer and mortgage lender from loss due to fire, storm, lightning, and other types of peril loss and liability.

Homeowners Insurance is required by your mortgage lender and must be purchased before the closing of your home.  Remember, you will be expected to pay for a year's worth of insurance before closing.

Most insurance professionals have a lot of experience in working with homeowners and can offer useful tips about home ownership, particularly regarding home safety and keeping your premiums low.  Once you've found a home, work with your insurance agent to develop a homeowner's policy that meets your individual insurance needs.

Be sure to have your insurance professional give you a copy of your pre-paid policy, and paid receipt for closing!

Title Insurance

When a property is sold or refinanced, the lender and/or buyer needs a preliminary title report to see exactly what liens and encumbrances are against the property.  Items that a preliminary title report show include:

•¨        Easements of record

•¨        Restrictions, covenants, and conditions

•¨        Liens and/or judgments

•¨        Exact vested owners of record

•¨        Legal description

When the sale of the subject property is final and the attorney has recorded the necessary documents, they then will issue a policy of title insurance to the new lender & the buyer showing clear title to the property.

If your or someone you know has Real Estate Needs in the Central Indiana or Beech Grove area, contact me at 317-459-5182 or visit my website at www.dawnwhalen.com

Dawn Whalen, Realtor

317-459-5182