[1]In organizing our important documents [2], we continue to focus on our home ownership documents [3]. In the accordion-filing system, these documents are housed in the eighth file slot from the front of the box. This slot contains our deed(s) [3], insurance [4] (homeowner’s or renter’s), property tax documents [5], and survey(s) [5].
The next item following our survey is our title insurance policy. Having researched home ownership before building and purchasing our house, we saw our need for title insurance. Our state does not require title insurance, but we opted to purchase it anyway.
Our reasoning: Title insurance will protect us in the event someone lays claim to our property. If that should occur, we would incur legal fees. Our title insurance would reimburse us for those fees up to the amount of our coverage.
Besides this situation, there are a few other scenarios where title insurance helps to protect the current owners to the said property. Since we invested our money, energy, and time into our home, we opted for this extra protection.
Having paid for title insurance, we received a policy which is kept safe. The policy is housed in this file behind our survey. Hopefully, we will never need this document, but if we do, we know where to find it. 🙂
Next week, I will share the last item housed in this eighth file slot with our home ownership documents. Keep up the good work. You are making progress one item at a time.
Question: Did you choose to purchase title insurance? Why or why not?