NLIC.org

April Said:

i recently bought a house my question is should i buy title insurance and why?

We Answered:

I don't know where you live. In may states in US, it's mandatory you obtain title insurance. Apparently not in your state since you've already bought the house. Ask the company (either escrow company or a law firm) or your real estate agent who handled the transaction, if the title search was performed. Normally the bank won't even release fund unless the title is clear. (Unless you paid cash). If the title was clear (and you have a written title search report), the chance of something showing up is not that big. Title insurance only covers the damage you suffer from them not doing the thourough research. However, if it's a matter of a few hundred dollars, and if you can afford it, go ahead and purchase for the sake of your peace of mind.