Q: We noticed the title insurance on our closing statement is the biggest cost involved. Do we really need title insurance? It seems so expensive.
A: There are many reasons why you need title insurance to protect what is likely one of your largest assets. It is a one-time premium that protects you from errors in title (past and present) such as: errors in public records, illegal deeds, unknown liens, missing heirs, boundary/survey disputes/easements, forgeries, undiscovered wills, false impersonation of previous owners, and undiscovered encumbrances, just to name a few. A title search by a quality title company will give you the assurance you need to protect your investment. Although it may seem like a significant amount of money at closing, it is nominal in comparison to the risk you take by not having a solid title policy in place on your home.