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To begin, let’s talk about Enhanced Owner’s Title Policy advantages! This policy type provides you with valuable coverages which are not provided for in the Standard Title Insurance Policy. Unlike the traditional standard policy, the Enhanced Title Insurance Policy expands your coverage by providing protection into the future. Additionally, with the superior coverage, the Enhanced Title Insurance Policy provides, you can be assured of the best protection available.
Protect your Investment.
We understand that your home is possibly the largest financial investment you will make, but the investment is not just financial. Buying a home is also an investment in the future for you and your family. That is why we offer an Enhanced Owner’s Policy of Title Insurance, and this Owner’s Policy provides more than safeguards for the title to your property—it provides you with peace of mind.
Gain the advantage for a bargain.
Firstly, the Enhanced Owner’s Policy provides expanded title coverage for owners of one-to-four family residences, and including condominiums. Coverages included in the Enhanced Owner’s Policy offer the highest levels of protection available to homeowners and it only costs 10% more than the standard policy.
Comparing and Owner’s Policy and Enhanced Owner’s Coverage
Secondly, there are some big differences when looking at the coverage of a standard Owner’s Policy to and and Enhanced one. First, and Owner’s Policy covers ten basic items, and is focused on risk avoidance. Included in these parts of coverage are the following:
- The insured hold title free of interest of others.
- It ensures there are defects, liens or encumbrances other than what is on the policy’s exceptions.
- Pedestrian access to and from the property.
- Free from the danger of litigation.
- The property has not been taken by eminent domain.
- And importantly, it effective as of the date when of the policy.
- When you sell the property, and Owner’s Policy is terminated.
Enhanced Owner’s Policy Coverage Advantages
An Enhanced Owner’s Policy may include the ten basic items in basic Owner’s Policy of Title Insurance, but may include up 22 additional points of coverage. Usually, an an Enhanced policy only cost 10% more, as we stated above. That’s a bargain as to what you could be paying to a municipality or in legal fees!
Covered matters include:
- Post-policy forgery
- Post-policy encroachments by neighbors
- Post-policy adverse possession
- Post-policy easement by prescription
- Building permit and zoning violations
- Vehicular and pedestrian access
- Encroachment of improvements onto easements and set-backs
- Subdivision violation
- Restrictive covenant violations
- Structural damage caused by mineral extraction or easement use by others
- Encroachment of boundary walls and fences
Who CAN’T Get an Enhanced Owner’s Policy of Title Insurance?
Next, there are limits as to who can get an enhanced owner’s policy. Enhanced coverage does have have certain exclusions.
- Commercial or investment properties
- Vacant land
- If the owner is a corporation, partnership, LLC, etc.
The Final Requirement
You need to be living at the property, i.e. owner-occupied. That means most homeowners are eligible to get this type of policy!
We hope you learned more about how an Enhanced Owner’s Policy can be an advantage to you, your family, and, of course, your home! Below, we have more resources to help you gain an edge with protecting your investment. Feel free to contact us with questions!