Fee Simple Estate

What Does Fee Simple Estate Mean?

A fee simple estate refers to a piece of real property that is fully owned by an individual or entity, meaning there are no competing interests in the property. The owner has complete control over the property in accordance with property laws.

Insuranceopedia Explains Fee Simple Estate

Many people purchase fee-simple title insurance to protect against potential title defects that could result in financial losses.

Owners of fee simple estates are also solely responsible for purchasing property insurance for the building. Without joint ownership, there are no other parties to share the insurance costs. For that reason, many fee simple owners get quotes from several top-rated homeowners insurance providers before choosing a policy. While fee simple estate ownership provides the owner with greater control over the property, it also increases their financial responsibilities. Anyone purchasing their first fee simple property may want to look at home insurance tips for first-time buyers before lining up coverage.