Final answer:
Title insurance traditionally provides coverage for protecting the homeowners and lenders from financial loss due to defects in the property's title.
Step-by-step explanation:
Title insurance traditionally provides coverage for protecting the homeowners and lenders from financial loss due to defects in the property's title. It ensures that the property has a clear and marketable title by conducting a thorough title search and covering any potential issues such as unknown liens, encumbrances, or errors in public records. For example, if a previous owner didn't pay property taxes or a contractor filed a lien on the property, title insurance can provide coverage and protect the owner's investment.