Westcor Land Title Insurance Company is a popular title insurance provider in the United States. This company offers a wide range of title insurance services, including owner’s title insurance, lender’s title insurance, and many more. With over 50 years of experience in the industry, Westcor Land Title Insurance Company has established itself as a reliable and trustworthy partner for real estate agents, lenders, and homebuyers across the country.
History of Westcor Land Title Insurance Company
Westcor Land Title Insurance Company was founded in 1993 by Mary O’Donnell, a former executive of a national title insurance underwriter. The company started with just $500,000 in capital and a staff of three employees. Today, Westcor has grown to become one of the largest privately-held title insurance underwriters in the United States, with over 1,200 employees and more than $800 million in annual revenue.
The company has consistently focused on innovation and customer service. Westcor leverages cutting-edge technology to streamline the title insurance process and make it more efficient for all stakeholders. The company has also built a reputation for providing outstanding customer support, which has helped it attract and retain loyal customers.
What is Title Insurance?
Before we dive into the specifics of Westcor Land Title Insurance Company, let’s take a moment to define what title insurance is and why it’s important for anyone involved in a real estate transaction.
Title insurance is a type of insurance policy that protects homebuyers and lenders from financial loss due to defects in the title of a property. These defects can include unpaid taxes, liens, easements, and other issues that may arise during the title search process. If these defects are not discovered and resolved before the sale of a property, they can cause significant financial harm to the buyer or lender.
By purchasing title insurance, homebuyers and lenders can protect themselves against these potential losses. Title insurance policies typically cover the costs associated with correcting any title defects, as well as any legal fees that may arise as a result.
Types of Title Insurance Offered by Westcor
Westcor Land Title Insurance Company offers a wide range of title insurance products to meet the needs of its customers. Here are the main types of title insurance offered by Westcor:
Owner’s Title Insurance
Owner’s title insurance is designed to protect homebuyers from financial loss due to defects in the title of a property. This type of insurance is typically required by mortgage lenders but can also be purchased by homebuyers. Owner’s title insurance policies provide coverage for the full purchase price of a property and are typically valid for as long as the owner holds the property.
Lender’s Title Insurance
Lender’s title insurance is designed to protect mortgage lenders from financial loss due to defects in the title of a property. This type of insurance is typically required by lenders before they will approve a mortgage. Lender’s title insurance policies provide coverage for the amount of the mortgage and are typically valid for as long as the mortgage is outstanding.
Construction Loan Policies
Construction loan policies are designed to protect lenders during the construction phase of a property. These policies provide coverage for the lender’s interests in the property until the construction is complete and a permanent loan can be put in place.
In addition to these main types of title insurance, Westcor also offers a variety of endorsements that can be added to policies to provide additional coverage. These endorsements include coverage for specific risks, such as zoning issues, environmental hazards, and more.
Why Choose Westcor Land Title Insurance Company?
So why should you choose Westcor Land Title Insurance Company for your title insurance needs? Here are some of the key reasons:
Westcor has been in the title insurance business for over 50 years and has a deep understanding of the industry. The company’s experienced staff can help guide you through the title insurance process and answer any questions you may have.
Westcor is committed to using the latest technology to make the title insurance process simpler, faster, and more efficient. Whether you’re a real estate agent, lender, or homebuyer, you can count on Westcor to leverage technology to streamline your experience.
Westcor takes pride in providing exceptional customer service. The company’s staff is friendly, knowledgeable, and always willing to go the extra mile to ensure that customers are satisfied.
FAQs About Westcor Land Title Insurance Company
Q: Is Westcor Land Title Insurance Company a national underwriter?
A: Yes, Westcor is a national title insurance underwriter with licenses in 48 states and the District of Columbia.
Q: What types of properties does Westcor insure?
A: Westcor insures residential and commercial properties, as well as new construction and development projects.
Q: How does Westcor use technology to improve the title insurance process?
A: Westcor uses a variety of technology tools, including eClosings and eSigning, to make the title insurance process faster and more efficient. The company also offers a mobile app that allows users to access title information on the go.
Q: Is Westcor Land Title Insurance Company financially stable?
A: Yes, Westcor has consistently maintained a strong financial rating from A.M. Best, a leading rating agency in the insurance industry.
Q: Can I get a quote for title insurance from Westcor?
A: Yes, you can use Westcor’s online quote tool to get a personalized quote for title insurance.
If you’re in need of title insurance for a real estate transaction, Westcor Land Title Insurance Company is an excellent choice. With its decades of experience, commitment to innovation, and dedication to customer service, Westcor is a reliable and trustworthy partner that can help you navigate the title insurance process with ease.