What Does Fee Simple Estate Mean?
A fee simple estate is a piece of real property that is completely owned by a party. This means that there are no competing interests in the property, and the property owner has full control of the property with regards to property laws.
Insuranceopedia Explains Fee Simple Estate
Many people buy fee simple title insurance to protect against any possible title defects, resulting in losses.
People who own fee simple estates are also solely responsible for purchasing property insurance for the building. Since there is no joint ownership, there are no other parties who can contribute to the insurance costs of the property. So, although fee simple estate ownership grants the owner more control over the property, it also increases their financial responsibilities.