Many people think that title insurance is a one-time purchase. However, this is not the case. You will need to renew your title insurance policy every few years in order to keep it active.
There are a few reasons why you need to renew your title insurance policy. First, it protects you from any changes that have happened since you first purchased the policy. This includes any new liens or encumbrances that have been placed on the property. For more details about title insurance, you can visit this site- http://www.clearskiestitle.com.
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Second, renewing your title insurance policy ensures that you are still protected if the original insurer goes out of business. If this happens, you will still be able to make a claim on the policy. Title insurance is not required by law, but it is typically required by lenders in order to get a loan for a property purchase.
Third, renewing your title insurance policy helps to keep the coverage up-to-date. As the value of your property increases, so does the amount of coverage you need. By renewing your policy, you can make sure that you are adequately covered.
Finally, renewing your title insurance policy is a good way to show your lender that you are still committed to protecting your investment. If you have a mortgage on the property, your lender will require you to have an active title insurance policy in place.