Protecting your home investment
The largest single investment most of us make is a home in NJ. You will need to purchase insurance to protect your home as well as your personal property when you buy a house in NJ.
Insurance for homeowners protects you from loss due to fire, theft, wind damage, and other hazards. Flood insurance protects you against rising water. You can also get an instant estimate before applying for title insurance in NJ.
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Protecting your largest single investment
Although title insurance in NJ is less well-known than other types of home insurance it is equally important. Instead of buying the land or building, you actually purchase the title to the property, which is the right to use and occupy the space.
This title could be restricted by rights or claims made by others. This may affect your enjoyment and financial loss. These types of title hazards are covered by title insurance in NJ.
Insurance in NJ that covers your home only will cover future events. These insurance policies charge an annual premium. Title insurance in NJ, on the other hand, protects your home from damage or hazards that are already present in the title. It is available with a one-time premium.
Two types of title insurance can benefit you in two ways
- Lender or mortgagee protection
- Owner's coverage
Lenders require mortgagee title insurance to secure their real estate investments in NJ. They may also request fire insurance or other forms of protection as investor protection. Lenders will make mortgage money available to people who don't know much about the market if title insurance is in place.
The owner's title insurance in NJ is valid as long as the policyholder (or your heirs) has an interest in the insured property. You may be able to get this insurance even after the property has been sold.