What is one benefit of having "title insurance" when purchasing a property?

Having title insurance when purchasing a property provides the significant benefit of ensuring that the buyer has clear ownership rights to the property. Title insurance protects against any legal claims or disputes that may arise over the ownership of the property, including issues related to outstanding liens, encroachments, or other defects in the title that may not have been discovered during the title search process.

This protection is crucial because, if any problems with the title are discovered after the purchase, they could lead to significant financial losses, including legal costs and potentially losing the property altogether. Title insurance offers peace of mind to buyers by safeguarding their investment against these unknown risks associated with title defects.

The other options do not accurately capture the primary purpose of title insurance. For instance, it does not guarantee the appreciation of property value or secure fixed interest rates for mortgages, nor does it provide tax deductions on property payments. Instead, its main focus is on ensuring that the ownership rights are secure and protected from future title disputes or claims.