If you're winding down on a home purchase, it's easy to think of title insurance as just another line item in an otherwise costly and paper-heavy process.
Title insurance, coverage that protects buyers and lenders from problems with the ownership to a piece of real estate, is an essential part of the home-purchasing process. Banks generally won't give you a mortgage unless you have this insurance in place.
The one-time upfront cost of title coverage generally is low compared to the overall price tag on your new home. Title search services and title insurance fees, which are often bundled together, can add up to 1 percent of the amount you borrowed — or more, according to NerdWallet.