Final answer:
Title insurance provides financial protection, ensures a smooth transfer of ownership, and gives peace of mind to homeowners.
Step-by-step explanation:
Title insurance provides several benefits for homeowners.
Firstly, it protects you from potential financial loss due to defects in the property's title.
For example, if someone claims to have a rightful ownership interest in the property, title insurance can help cover the costs of legal fees or potential damages.
Secondly, it ensures a smooth transfer of ownership by conducting a thorough title search, which helps identify any existing liens or encumbrances on the property.
Finally, it gives you peace of mind by providing assurance that your investment is protected.