While many homebuyers do their research before diving into the homebuying process, it can still be a very confusing experience due to the sheer amount of information involved. The homebuying process, coupled with today’s competitive market, can pressure homebuyers to speed through parts of the journey without a deep understanding of what they need, or in some cases, don’t need.
A recent survey by Qualia found that only 1 in 5 homebuyers understand the documents presented to them during the closing process. In our recent interview with two experts from the title industry, Andi Bolin and Linda Grahovec, we examined a gap between title agents and homebuyers that they are trying to reduce.
One specific area mentioned was that many homebuyers don’t fully understand what title insurance is and why it’s so critical to protecting their property rights. Part of the issue is the lack of digestible information while the other part is that title insurance is easy to confuse with the many types of insurance available, especially homeowners’ insurance.
Both homeowners insurance and title insurance are there to protect a homeowner from significant issues related to their investment, but does everyone understand the difference between the two? We’re diving into these two forms of insurance so that homebuyers can feel empowered when it comes time to decide on the policies available.