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5100 W Bradburn Dr
Muncie, IN 47304
Why do you need title insurance?
The vast majority of home buyers secure a mortgage to purchase a home. What you get when you buy a home is a title to that property, a legal document that gives you the right to possess that property.
To protect their investment – the mortgage – lenders require title insurance. Like any insurance, it's designed to protect an investment from loss. Loss can be caused by a "defect" with the title, which means there could be an issue with who really owns the property you purchased. Homeowners themselves are protected by an Owner's Title Policy, which insures your equity in the property. Title insurance makes sure that you don't lose money because of a defect. While title defects are rare and might not show up for months or years, they can result in the loss of the property or an expensive lawsuit. Title experts say defects can include forged deeds or wills, undisclosed missing heirs, errors in public records or tax reports, mistakes in recording legal documents, and more. Title insurance is designed to give both lenders and home buyers long-term peace of mind. Like any insurance policy, you hope you never have to use it. But if you ever do, you'll be glad you were insured.
How does a Home Warranty Program work?
A home warranty program protects your home by replacing or repairing items that are not covered by your homeowners insurance. When a home's mechanical systems fail – such as the central air conditioning or heating system – or major appliances break down, a home warranty limits your maximum out-of-pocket expenses for each repair. When a breakdown occurs, you simply contact the home warranty firm and they contract a local services firm. The local services firm will arrange an appointment to provide either a repair or replacement. There are two payment components to a home warranty protection plan: an annual flat fee (differs by state, but ranges from $300 to $500 a year), plus a small service fee (typically about $75-$125) for each reported repair. Home warranty plans and their coverage will differ, so read the contract terms carefully to avoid future surprises.