Title insurance is sort of like homeowners insurance right?  

Wrong. Most people are familiar with one kind of insurance - casualty insurance - and assume that all insurance works the same way. It doesn't, and this misunderstanding causes confusion. Land title insurance protects you from events which may have happened in the past, not events that are likely to occur in the future, as does casualty coverage like homeowners insurance.

In Pennsylvania we have an all - inclusive rate for title insurance. It bundles together the insurance premium, the cost of executing the title search, and the settlement fee.

When you refinance you are obtaining a new loan, even if you stay with your original lender. Your lender will require lender's title insurance to protect their investment in the property. You will not need to purchase a new owner's title policy; the one you bought at closing is good for as long as you and your heirs have an interest in the property.

Construction of a new home raises special title problems for the lender and owner. You may think you are the first owner when constructing a home on a purchased lot. However, there were most likely many prior owners of the unimproved land. A title search will uncover any existing liens and a survey will determine the boundaries of the property being purchased. In addition, builders routinely fail to pay subcontractors and suppliers. This could result in the subcontractor or supplier placing a lien on your property. Again, lenders want to be sure the property has clear title, and they are insuring the correct property. Title insurance will protect you against these potential problems and pay for any legal fees involved in defending a claim.

You want to be sure your title insurance company offers financial strength, experience and expert service. You receive these benefits when you work with PLTA-member, licensed agents of any one of the underwriter member companies of the Pennsylvania Land Title Association.  

• Locate a PLTA-member title agent in your area.
• See the underwriter member companies of PLTA