Title Insurance – You have a choice
Search and Compare Title Insurance and Escrow Rates |
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Whether you are purchasing a new home or refinancing your current home, you will likely have to purchase title insurance. Use the Division's Title Insurance Rate Comparison Tool to view and compare custom title insurance and escrow rates. |
When you take out a mortgage to buy a home, your lender is going to require you to purchase title insurance in order to protect their interest. Title insurance protects you and your lender financially from any unknown claims or defects in the title of the property you are buying.
There are two types of title insurance policies: The owner’s policy which protects you for as long as you own the property and the lender’s policy, which protects the lender until the loan is paid off. The lender only requires the purchase of a lender’s policy, but only the owner’s policy will protect your interests. In Nevada, the buyer will traditionally purchase the insurance for the lender, and the seller will purchase the insurance for the buyer, but this can be negotiated.
The cost of title insurance can vary significantly between companies. You do not have to use the company recommended to you.
The Nevada Division of Insurance provides a guide to title insurance and a rate comparison tool to help you as you shop. Prices for both an owner’s and lender’s policy combined can range from $1,046 to $1,407 for $150,000 worth of coverage in Clark County.
This is why it’s important to shop around to find title insurance that fits your needs and budget. Click here to search for and compare title insurance and escrow rates.
How does title insurance work?
When you purchase title insurance, the agent or company will search public records to document the chain of ownership of a property. If any liens or defects are found, the title company will either cure them before issuing a title policy, or exclude them from coverage.
Once the company believes that the property title is clean, they will issue you and your lender title insurance policies. These insurance policies protect you and your lender financially from any unknown claims or defects existing at the time of purchase.
For more information about title insurance read the Nevada Consumer's Guide to Title Insurance.
Filing a Complaint
Those with questions or complaints about a title insurance company can file a complaint here.