Question: I just bought a home and paid cash for it. Do I need title insurance?
Answer: Yes. It’s highly expensive to be totally innocent. You could be dead right about your ownership of a home or land, but you’ve got to prove it in a court of law if someone questions that ownership.
Title insurance is not about what’s on your title search. It’s about what isn’t. Regardless of whether you paid cash, have a mortgage, or the property was given to you, title insurance protects your financial interest in that property by paying claims or legal expenses related to any challenges of your ownership.
You don’t buy title insurance because you want to use it, but if you need it, it covers your legal expenses.