How important is title insurance? If President Lincoln were alive today, he would have loved to receive an owner’s policy as a gift….why?
“Why Abraham Lincoln Needed Title Insurance…Losing a home is a cruel thing, but life can be cruel even to those destined for greatness. Abraham Lincoln was born in a meager, one room cabin on the Big South Fork of Nolin’s Creek near Hodgenville, Kentucky. It had a dirt floor, one window and a stick-clay chimney. Lincoln’s father, Tom, had paid $200 for the cabin and 300 acres of discouraging land. It wasn’t much, but it was home and the young family’s only chance for a decent life. After four years of fighting mosquitoes, heat and hardscrabble land, the Lincoln’s had to pack up and leave. There was a defect in the title. They didn’t have the right sort of papers and somebody had else had a better claim to the land. With three-year old Abe in his mother’s arms the family moved eight miles away to Knob Creek. In less than four years, Tom Lincoln had to go to court to prove his ownership rights to this second farm. Another claimant to the land sued him as a “trespasser”. Tom Lincoln won the suit but was haunted by the fear that he might someday lose another property. There was enough talk of land-titles, landowners, landlords, land-laws, land-lawyers and land-sharks to make him unsure of his title. After all, Daniel Boone, the first pioneer of the Kentucky wilderness, had lost every inch of his once vast landholdings because he had “the wrong kind of papers”. Tom decided to move his family to Indiana where there was a rich black land - government land with clear title and the right kind of papers. Thus Abraham Lincoln lost a second home to title problems.”