Homes are selling faster these days. In fact, the average home stays on the market for just 22 days!

While you may be able to close on your new home faster than you expected, that doesn't mean things can't go wrong once you get your keys.

Owner title insurance can give you peace of mind once you're in your new home. Here's what you need to know about this coverage and why it's one of the best ways to protect your investment.

HOW OWNER TITLE INSURANCE WORKS

When you purchase you purchase a home, your title company will do their due diligence to make sure there are no outstanding liens on the property. Any lien means that someone else has a financial interest in the property. Typically, these liens happen as a result of the previous owner taking out a loan or letting a contractor's bill go unpaid.

While your title company will typically uncover most of those liens prior to closing, some may slip through the cracks. And any of those lienholders could sue you-the new owner-to recoup their money.

Owner title insurance protects you from those lawsuits. If someone sues you, the insurance will help cover the cost of any legal fees you incur as a result.

IT'S A SEPARATE POLICY FROM YOUR LENDER'S TITLE INSURANCE

One of the biggest misconceptions buyers have about title insurance is that the policy they buy prior to closing on the home is the only one they need. While it's certainly enough to fulfill any requirements your lender sets forth, it only protects you prior to closing.

Owner title insurance is an optional policy that you can buy to provide protection after closing on the home. The policy protects you instead of your lender and covers you after you close on the home.

THE BEST TITLE INSURANCE IS AFFORDABLE

The average title lawsuit ranges in price but can cost as much as several thousand dollars. Worse, you'll have to deal with the stress of the lawsuit and the uncertainty of your property ownership until it's settled.

Owner title insurance is affordable and can spare you the stress of dealing with any pending title lawsuits that might come your way. The price of the policy is based on how much you paid for the house, so it will vary from property to property.

The best thing you can do is to get a quote as soon as you enter the closing process.

PROTECT YOURSELF AND YOUR HOME

Standard title insurance isn't enough to protect yourself from lawsuits and disputes over ownership of your home. Owner title insurance will keep you from having to pay legal fees out of pocket.

Whether you're preparing to close on a new home or want to protect your homeownership interest for years to come, we're here to help. Request a quote today and get the peace of mind you deserve.