Title insurance protects you against loss of the inherent value of the property (what the property can be used for) and is a means of financially protecting yourself during periods of ownership, and subsequent to ownership, against claims which may

1) divest you of your interest in your property or

2) subject you to lawsuits under your warranty deed after  your property has been sold.

The cost of title insurance is small (generally $5. per thousand of the  purchase price) in relation to the risk for which you are protected. It is a one-time cost incurred at closing  with no ongoing premium charge after the closing. The cost for title insurance is a modest amount to pay for a lifetime of protection which includes all legal fees and court costs should an action be brought either on your behalf or against you because of an insured title defect or encumbrance.