• Covers repairs for mechanical systems and built-in appliances not covered by homeowner’s insurance • Benefits sellers: selling point, no hassles after house is sold • Benefits buyers: provides security for purchase • Price varies widely based on what is covered • Buyer usually pays for home warranty insurance • Shop around to find the best coverage for the best price • Be sure that the premium has been paid before you take possession of the property 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

• Anyone with an interest in the property should have title insurance • You should have the same title insurance a lender has for a property • Protects you from liens prior to ownership read more

• 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

• Primitive system under Mexican government • First legislature in 1850 created new title record system • A new title industry followed this legislation • Abstractors hired to do work delegated by attorneys, mirroring system already in place in other states • Abstract system fell out of use because it was too ponderous – replaced by title certificate system beginning in 1870s • Real estate boom in 1886-1887 in Los Angeles • Impetus from legal decision allowing corporations to insure titles • Insurance commissioner given oversight over title insurers in 1887 • Pioneering companies: California Pacific Title Insurance Company of San Francisco and Title Insurance Trust Company of Los Angeles • Escrow began in the 1890s read more

• Protects owners and lenders from ownership disputes • Two types: owner’s and lender’s • Most lenders require lender’s title insurance • Rules on who pays title insurance vary from county to county • Rates vary – do some comparison shopping • Many title companies offer discounts for various reasons read more

• Title Companies focus on risk elimination • One-time premium to eliminate risks before they can happen • Title Companies search records to make sure there are no other claims to the property • Most fees go to pay for this labor-intensive process • Title Companies are required to post their fees read more

• Only the trustee can own or control real property for the trust • A title company requires some paperwork for trusts holding titles • A trustees actions are limited by the trust agreement read more

• Protects your ownership to the property • Protects your lender’s investment in your home loan • A title company will search records for any possible clouds on your title – title companies focus on risk prevention, not reimbursement for damages • Any problems that arise later will be dealt with by the title company read more

• Refinancing is no different from the original loan to the lender • A lender’s policy is valid only for the life of the loan, a homeowner’s policy stays valid as long as you own your home • New liens could have emerged since you bought your home • Discounts may be available for refinancing read more

A warranty is a kind of insurance in case there are flaws in your home after it is sold. When it comes to buying homes, you get what you pay for. read more