Why do you need title insurance? To put it briefly, it protects YOUR ownership of your new home.
When would it be useful? Although you will rarely hear of someone claiming that the home you just bought belonged to them, you WILL sometimes have issues. For example, someone could knock on your door one day and say, “My previous spouse sold this house without my consent before we were divorced and I still have claim to this property.” In cases like these, your title insurance will provide legal defense.
You HAVE to have title insurance whether you are buying, selling, or refinancing a home. You may have signed for title insurance and not known why- but hopefully now, it makes more sense to you!
If you have any other title-related questions, feel free to contact me!