Innovative Title and Escrow Services is an insurance agency that underwrites for Westcor Land Title Insurance Company. While car, homeowner’s, and health insurance require a regular recurring premium to be paid to cover an incident that occurs in the future, title insurance only requires a one-time premium to be paid to cover an incident that arises in the future but occurred in the past.
What title insurance protects against:
- False impersonation of the true owner of the property
- Forged deeds, releases or wills
- Undisclosed or missing heirs
- Instruments executed under invalid or expired power of attorney
- Misinterpretations of wills
- Deeds by persons of unsound mind
- Deeds by minors
- Deeds by persons supposedly single, but in fact married
- Liens for unpaid estate, inheritance, income or gift taxes
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Two main types of insurance we offer:
Lender’s Policy of Title Insurance
A lender goes to great lengths to minimize the risk of lending you the money you need to buy or refinance a home.First, your credit and income are checked as an indication of your ability to pay back your loan.Then, your lender goes a step further. They make sure that the property you are about to buy or refinance and which you will sign as security or collateral for the loan is satisfactory. The lender does this by obtaining a loan policy of title insurance that you are required to pay for in the closing of your loan.
Owner’s Policy of Title Insurance
An owner’s policy of title insurance will pay for defending against any lawsuit attacking your title as insured, and will either clear up title problems or pay the insured’s losses. For a one-time premium, an owner’s title insurance policy remains in effect as long as you, or your heirs, retain an interest in the property, or have any obligation under a warranty in any conveyance of it. It is the best title insurance value you can get and gives you peace of mind in knowing that the investment you’ve made in your home is a safe one.