• Most lenders require title insurance • Title insurance protects your ownership of a property • Title insurance costs vary widely based on property value and location • Real estate can be transferred without a public record, meaning someone could have rights to your property that you can have no way of knowing about • Title companies focus on clearing up any problems before they arise • Some title insurance firms made huge profits during recent housing boom read more

• Covers your home from damage or destruction • Only certain disasters are covered • Some policies cover possessions • Some policies pay living expenses while house is being rebuilt or repaired • Provides liability coverage for anyone injured on your property • Differences in how reimbursement is calculated – actual cash value vs. replacement cost • Replacement cost coverage is more expensive • Required in most states • 5 main types: HO-1, HO-2, HO-3, HO-4, HO-6 • Assorted amendments can be added to increase coverage • Premium based on replacement cost of house • Don’t just buy the cheapest policy – make sure you are well-covered • Start looking for coverage ahead of time • Calculate costs on your own to insure you are getting a good rate – building costs vary from area to area, so find out information for your area • Don’t insure your land if money is an issue, just your home and its contents • Make a home inventory and store it at someone else’s house • Include receipts for expensive items with the home inventory • Report any remodels or upgrades to your insurance company, as they could affect coverage read more