Centura Banks of N.C. Offering Title Insurance

Centura Banks Inc., Rocky Mount, has become one of the first North Carolina banks to offer title insurance to homeowners.

The bank said it has begun offering the policies through its Centura Insurance Services subsidiary. With the addition of title insurance, Centura now offers a full menu of insurance products, including credit, life, health, commercial, homeowners, auto, and liability.

Centura, with $5.8 billion of assets, has built its insurance business in a different way than other banks. While others have purchased insurance agencies that typically offer only one product, Centura has built up its own agency with licensed agents who represent multiple companies and products.

In title insurance, for example, Centura represents Chicago Title Insurance Co., Lawyers Title Insurance Co., and Security Union Insurance Co. "We wanted companies that would be responsive to the needs of our certifying attorneys, clients, and policyholders," said Reuben Harris, head of Centura's title insurance agency.

Title insurance is used to protect a homeowner's property claim in the event that discrepancies or irregularities are found in the title. Southern National Corp., Winston-Salem, recently began offering title insurance in North Carolina after acquiring a South Carolina agency.