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Frequently Asked Questions
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The owners policy protects who?
Both the buyer and the seller.
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The mortgage policy protects who?
The lender.
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Why the necessity of an Owners Policy and a Lenders Policy? Don't they insure against identical loss and damages?
The Owners Policy insures that he/she is the owner up to the
full purchase price or value of the property as long as he or his
heirs own the property. The mortgage policy insures that the lender
holds a valid lien on the property up to the unpaid balance of the
loan.
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Wouldn't the mortgage policy protect the buyer as well as the lender?
Only to the extent the loan would be paid if there would be
no equity protection to the buyer.
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Who establishes the title insurance premium rates?
It is a filed rate adopted by the insurance commission of the State
of Wisconsin. The rating rules are very strict and violations result in
suspension of licenses.
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When is a policy terminated?
Actually never, even though the insured sells the property
and goes out of title, he/she still has an obligation by virtue of
the warranties in the deed he conveys the property with, and consequently,
the policy insuring him is still in effect.
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How does title insurance differ from other types of insurance?
While the function of most other forms of insurance is to protect
the insured against losses arising out of unforeseen future events,
the primary purpose of title insurance is to eliminate risks and prevent
losses caused by defects in title arising out of past events.
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