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[quote=Anonymous][quote=Anonymous][quote]I guess im an idiot who has saved about 10k in that same period. If something does come up ill usu that money to cover the lawyer.[/quote]

How far do you think your $10K will go defending a title claim? One week? Two?[/quote]

It's not just a title claim, i.e., someone showing up saying they own your property.

It's also, as a pp said, something that comes up when you try to sell your property that affects its marketability.

Say, for example, you want to sell your house for $500,000 because that's what the comps say the value is. So, you go to market at $500,000 and get an offer. The buyers' settlement attorney is better than the one YOU used when you bought your house 10 years ago and discovers a sewer easement running under the house. Now the buyer is saying they will walk away from the deal unless you sell for $400,000. Either you sell or now you have to disclose the easement and the house is worth only $400,000... You make a claim on your title insurance for the other $100,000.

Don't think this doesn't happen? It does. A lot.

At my closing, days before I was shown a lot that had 11,000 square feet. The listing showed 8,500 square feet. Was I getting a deal, i.e., a larger lot? At least I noticed the discrepency and flagged it to the settlement attorney, who did additional research and discovered the county had taken 3,000 square feet and change 25 years ago to widen a road and construct sidewalks. This doesn't pertain so much to title insurance itself (unless the sellers had based their price on thinking the lot was 11,000 square feet and I subsequently discovered it was only 8,500). But it does show how EASILY mistakes can get made on title work.

So, yeah, it's pretty cheap insurance, and you a freaking idiot if you don't buy it. 
[/quote]

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