Benefits of Title Insurance

Your home is possibly the largest financial investment you will make, but the investment is not just financial. Buying a home is also and investment in the future for you and your family. Owner’s Title Insurance provides more than safeguards for the title to your property-it provides you with peace of mind by taking the risk out of acquiring title to your property.

Among the many risks against which a title insurance policy protects you are:

1. Confusion from similarity of names
2. Forged Documents
3. Signatures of minors or mentally incompetent persons
4. Mistakes in recording legal documents
5. Undisclosed or missing heirs
6. Fraud
7. Misrepresentation of marital status
8. Prior Tax Liens
9. Clerical errors in public records
10. Wills not probated
11. Claims by others that they own an interest in YOUR property

In addition to the protections listed in the policy, it offers:

Automatic Coverage Increases

The policy amount increases automatically 10% per year for the first 5 years up to 150% of the policy amount listed on your original policy.

Continuous Coverage

Our Policy actually stats as one of its conditions “This Policy Insures you forever, even after you no longer have your title”

Estate Planning Provisions

Now living trust coverage includes the beneficiaries of the trust as well as the trustees of that trust. This important expansion of coverage recognizes the growing popularity of living trusts as well as concerns of trustors for those who will succeed then in ownership of the real property.

 Post Closing Protection for Covered Risks

The EAGLE Policy offers post-closing protection in regards to Forgery, Encroachment of a neighbors structure on your property, Adverse Possession, Building Permit and Zoning violations, Restrictive Covenant Violations, Expanded Access and more.

Title Insurance FAQ

Q: What is title insurance?
A: An insurance policy--protecting against loss should the condition of title to land be other than as insured.

Q: Why do I need title insurance?
A: When you buy a home, or any property for that matter, you expect to enjoy certain benefits from ownership. For example, you expect to be able to occupy and use the property as you wish, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell or pledge your property as security for a loan. Title insurance is designed to cover these rights you bargain for.

Q: What if I have a problem? Do I have to lose my property to make a claim?
A: Not at all. At the mere hint of a claim adverse to your title, you should contact your title insurer or the agent who issued your policy. Title insurance includes coverage for legal expenses which may be necessary to investigate, litigate or settle an adverse claim.

Q: What does this cost?
A: The cost varies, depending mainly on the value of your property. The important thing to remember is that you only pay once, then the coverage continues in effect for so long as you have an interest in covered property. If you should die, the coverage automatically continues for the benefit of your heirs. If you sell your property, giving warranties of title to your buyer, your coverage continues. Likewise, if a buyer gives you a mortgage to finance a purchase of covered property from you, your coverage continues to protect your security interest in the property.

Q: If my lender gets title insurance for its mortgage, why do I need a separate policy for myself?
A: The lender's policy covers only the amount of its loan, which is usually not the full property value. In the event of an adverse claim, the lender would ordinarily not be concerned unless its loan became non-performing and the claim threatened the lender's ability to foreclose and recover its principal and interest. And, in the event of a claim there is no provision for payment of legal expenses for an uninsured party. When a loan policy is being issued, the small additional expense of an owner's policy is a bargain.

Q: Can you be a little more specific about the types of claims, or risks, covered by title insurance?
A: Sure. First understand there are basically three different levels of coverage: Standard coverage, extended coverage, and our most comprehensive "EAGLE Policy" coverage. Standard coverage handles such risks as:

1. Forgery and impersonation
2. Lack of competency, capacity or legal authority of a party
3. Deed not joined in by a necessary party (co-owner, heir, spouse, corporate officer or business partner)
4. Undisclosed (but recorded) prior mortgage or lien
5. Undisclosed (but recorded) easement or use restriction
6. Erroneous or inadequate legal descriptions
7. Lack of a right of access
8. Deed not properly recorded