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Home > Property Insurance Coverage > Title Insurance > History of Title Insurance
History of Title Insurance
Title insurance was born after the nation was almost a century old. In the past, it was not usual to have any form of insurance or guarantee when there were transferences of lands. It was until an historic court decision in 1868 that became evident the necessity of a protection to the parties involved in a contract of transference of a real property. The inadequacy of safeguards brought the creation of title insurance making the real estate market more secure and stable. One interesting fact was that almost immediately, in 1876, it was founded the first title insurance company by a group of conveyancers in Philadelphia.
This opened a new panorama to the market of real estate and mortgages. Many different companies appeared in this new scenario offering purchasers insurance against losses from defective title, encumbrances and liens in other cities such as New York City, Minneapolis, Chicago, San Francisco and Los Angeles. As the industry expanded, title insurance companies and their agents began providing basic services to real estate sellers, buyers, lenders, brokers, developers, attorneys, builders, and others. After World War II, the real estate business grew even more and there were considerable increases in the sale of homes and lands due to the serviceman who returned. This caused that the title industry changed from a basically local enterprise to a national level.
Today, title insurance continues changing and providing security to real estate investors. Several years of experience have given the title insurance a prestige difficult to surpass and thousand of investors can be secure in receiving title protection at a level of excellence unique in the world.
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