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What is title insurance, and why do I need it?

We often get these two questions at Wheatland Title, and we’re always glad to answer them – as well as any other questions about real estate title.

The easy way to put it is that title insurance protects your property rights from the unexpected. What kind of threats are we talking about? There could be hidden liens, unpaid taxes, forged documents, improper signatures, claims of heirs or other undiscovered problems. When you purchase an owner’s title insurance policy, you are protected from past issues for as long as you own your home.

The two main types of title insurance are:

An owner’s policy provides insurance to the homeowner that the property has properly and completely transferred from the seller to the homeowner, free and clear of any debts or claims of ownership by others. An owner’s policy lasts as long as you or your heirs own the property. Unlike other kinds of insurance policies, it is only a one-time premium, and that fee is rolled into your closing costs. The bottom line is that having an owner’s title policy is the best way to protect your property rights.

lender’s policy is a requirement for obtaining a mortgage loan on a property. It is important to your lender that there are no liens on the property when they give you a loan on it. A policy also establishes and ensures lien priority for the mortgage, which is very important to our lending friends. 

There are other title insurance products available, but lender’s title insurance and owner’s title insurance are the most common. If you have questions about any other types of policies, contact us.

Want to learn even more about title insurance? Contact us today or visit, which is a consumer site maintained by the American Land Title Association. Wheatland Title is a proud member of ALTA, the Illinois Land Title Association and the International Right of Way Association.

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