Title insurance insures, defends, indemnifies, and protects the policyholder against claims or losses arising from a defect or claim against the title to real property. Title insurance is usually issued to the buyer of real property by the title company that conducted the title search.
In Nevada, title insurance is a contractual arrangement that protects the policyholder from financial loss related to defects or claims against the title of a piece of real property. When a property is bought or refinanced, a title company typically conducts a title search to uncover any issues with the property's title, such as liens, encumbrances, or legal claims. Based on this search, the title company issues a title insurance policy that covers the buyer or lender. Nevada's regulations on title insurance are governed by the Nevada Division of Insurance, which sets standards for title insurance companies, including licensing requirements, financial solvency standards, and consumer protection guidelines. The state statutes and regulations ensure that title insurance policies comply with state laws and protect the interests of the policyholders. It's important for buyers to understand the coverage provided by their title insurance policy, as it can vary and may not protect against all possible title defects.