Title insurance

[Ashley Millar]

How important is it? I've got a cash closing on a house built early 1970s. Honestly it seems like a waste of $300. Opinions? I need to decide soon as closing is 5/17.

[Jeff Copeland]

In addition to ownership issues, you can end up simply owing money to someone as well. 

I've heard of instances where a roofer knocked on the new owner's door to inform them that the roofer was still owed several thousand dollars for the new roof that the previous owner never paid off. The mechanic's lien was missed during the title search due to a filing error, but it was a valid claim. The owners' title insurance policy paid the roofer's claim. 

While such claims may be few and far between, the benefit of title insurance usually far outweighs the cost.