What types of insurance do I need for real estate transactions?

When it comes to real estate transactions in South Carolina, there are certain types of insurance you should make sure you have. First, you should have title insurance. This protects the buyer and lender from any claims that may arise from the title of the property. The seller of the property should also have title insurance, as this may protect them from any disputes that may arise. Second, you should have homeowner’s insurance. This will protect you from any physical damage that may happen to the home or property. It can also help cover any costs associated with any disasters that might occur to the property, such as a fire or natural disaster. Third, you should have liability insurance. This will protect you from any legal issues or claims that could arise if you are sued over something related to the property. This can include personal injury, property damage, or any other legal claims. Finally, you should also have mortgage insurance. This provides the lender with some protection against any losses if the borrower defaults on their loan and the property is foreclosed. Overall, these are the main types of insurance you should have when it comes to real estate transactions in South Carolina. Each type protects you from different legal claims or physical damage, and all should be taken into consideration when purchasing a property.

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