Legal Question in Real Estate Law in Virginia

Re: Owner's Property Title Insurance

homeowner's insurance protects the house and its contents from things such as theft, fire, etc. while you might not be required to have insurance, it is always a good idea. but you must tell your insurance agent that the house is not occupied so you get the right policy.

title insurance is when you are acquiring or transferring the property - it guarantees that the title is clear and good to transfer. if it's not, and the title company has missed something, then your title insurance covers any damages.

i would suggest contacting an insurance agent to help you with your needs.

Re: Owner's Property Title Insurance

When you buy real estate with a mortgage, the lender requires lender's title insurance (which you have to pay for). That protects the lender from title defects, but does nothing to protect you. If you want protection, you need to buy an owner's policy. Usually the additional cost over a lender's policy is pretty nominal, so it makes sense.

As for homeowner's insurance, you may want to discuss that with your insurance agent - you have no structure to protect, but if someone injures themselves on the property, insurance could be helpful. There may also be a requirement for insurance imposed by the lender.