Is title insurance necessary on an inherited property?

Parents passed away 3 years ago within a few months of each other. Probate has been closed, and property (Northern VA) was inherited by me and 2 siblings. Mortgage was paid off years ago, house has been in in the family 30+ years. I am buying out my siblings’ share of the house & property, and will rent out the house for the time being.
Title insurance company wanted $2400 for a new policy, then dropped the price to $2000 when I said I wanted to think about it.
Is title insurance necessary in this situation? Parents weren’t rich, but had no debts, and no claims have arisen in the 3 years since their passing. Brother and sister are also stable homeowners. $2000 seems like a lot of money for a near zero risk situation like this.



View Reddit by mosestoadsView Source

Parents passed away 3 years ago within a few months of each other. Probate has been closed, and property (Northern VA) was inherited by me and 2 siblings. Mortgage was paid off years ago, house has been in in the family 30+ years. I am buying out my siblings’ share of the house & property, and will rent out the house for the time being.
Title insurance company wanted $2400 for a new policy, then dropped the price to $2000 when I said I wanted to think about it.
Is title insurance necessary in this situation? Parents weren’t rich, but had no debts, and no claims have arisen in the 3 years since their passing. Brother and sister are also stable homeowners. $2000 seems like a lot of money for a near zero risk situation like this.



View Reddit by mosestoadsView Source

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