sderk 1,040 Posted January 22, 2020 Been hearing ads on the radio for the past year about needing insurance in case your home title is stolen. The ad starts off telling a story about someone who lost like $90,000 in home equity and was thrown out of their home because someone stole their home title. This doesn't interest me as a customer as it doesn't affect me. But, I'm curious as an outsider. Is this a real thing that people should have, or is this another insurance fear tactic just like the medical industry throws out there daily? Do you know anyone who had their home stolen? Sounds crazy. Share this post Link to post Share on other sites
cyclone24 1,755 Posted January 22, 2020 Lol... I hear that commercial too. I don't know what to think. Not something I think we will get. Share this post Link to post Share on other sites
Hardcore troubadour 12,407 Posted January 22, 2020 Yeah, when I hear that commercial I think who the fock would actually give up their house? Share this post Link to post Share on other sites
Drizzay 638 Posted January 22, 2020 It's another insurance fear. Share this post Link to post Share on other sites
sderk 1,040 Posted January 22, 2020 4 hours ago, Hardcore troubadour said: Yeah, when I hear that commercial I think who the fock would actually give up their house? Fvcking weird how they portray someone just saying, "I was kicked out of my house because it was stolen". Share this post Link to post Share on other sites
nobody 2,023 Posted January 22, 2020 Title insurance is a scam, but it's supposed to protect the person buying a home against liens on the home. So if there is a tax bill or something like that, the home buyer won't be liable. Of course, the insurers just Rina 5 minute check to make sure there are no liens and charge you $500. Share this post Link to post Share on other sites
Alias Detective 1,161 Posted January 22, 2020 11 hours ago, Drizzay said: It's another insurance fear. What other examples of insurance fear do you have? Share this post Link to post Share on other sites
Drizzay 638 Posted January 22, 2020 6 hours ago, nobody said: Title insurance is a scam, but it's supposed to protect the person buying a home against liens on the home. So if there is a tax bill or something like that, the home buyer won't be liable. Of course, the insurers just Rina 5 minute check to make sure there are no liens and charge you $500. Having worked in the title business for a while, they run more than a 5 minute check, since the title company is on the hook if there is a valid outstanding claim jeopardizing first lien position. Share this post Link to post Share on other sites
bandrus1 413 Posted January 22, 2020 Shouldn't your lawyer do this before closing? Share this post Link to post Share on other sites
TimmySmith 2,782 Posted January 22, 2020 6 hours ago, nobody said: Title insurance is a scam, but it's supposed to protect the person buying a home against liens on the home. So if there is a tax bill or something like that, the home buyer won't be liable. Of course, the insurers just Rina 5 minute check to make sure there are no liens and charge you $500. 99.9% of the time its not needed. 0.1% of the time it's huge. It's not about the number of claims, it's about the size of the claim that makes it worth the $500. Share this post Link to post Share on other sites