Title Insurance | Enhanced Owner's Policy
Having a clear title is important when purchasing a home and title insurance may be your most important investment in legal protection about title defects that could result in costly claims or even loss of property.
An Owner's Policy is your assurance that your property is protected from any title problems now and down the road. Click here to discover the benefits of an Owner's Policy.
What's New in Enhanced Owner's PoliciesBuilding Permit Violation
The homeowner is covered if forced to remove an existing structure (excluding boundary walls and fences) that was built by a previous owner who did not obtain a building permit from the proper government office or agency. This coverage is completely new. It affords the homeowner an insurance benefit of $25,000.00 after a small deductible - one percent of the policy amount - is satisfied.Subdivision Map Act Coverage
Coverage is extended to a homeowner who cannot close a sale, get a loan, or obtain a building permit because the land was improperly subdivided prior to the homeowner's purchase. This coverage was available previously by endorsement and normally only associated with commercial properties. The policy will pay up to $10,000.00 over a small deductible - one percent of the policy amount - to afford homeowners protection against this often frustrating problem.Restrictive Covenant Violations
Three important new coverages deal with violations of restrictions that occurred before the homeowner bought the property:
- Protection against the loss of title because of the violations
- Protection to a homeowner who is unable to close a sale or obtain a loan because of the violation
- Protection against loss from attempts by others to enforce restrictions against the homeowner
These coverages were available previously only by endorsement, and never to this extent. Only the third coverage (loss from the enforcement of restrictions) is subject to a small deductible of just one percent of the policy amount.Post Policy Forgery
The policy provides protection against forgeries that may occur in the future and cloud the homeowner's title. This post policy coverage is completely new, and never before available from any title insurer.Enhanced Access
This feature enhances existing right of access coverage by including both pedestrian and vehicular access. Never before has this type of access been so clearly defined.Post-Policy Encroachment
Here the homeowner is covered if, after purchase, someone else builds a structure (excluding boundary walls and fences) that encroaches on the insured property. No other title policy has ever covered this situation. Now the homeowner has the protection of corrective action or compensation.Structure Damage from Minerals Extraction
The policy protects homeowners whose structures, including those built to modify or replace existing structures, are damaged by others using the surface of the land in the course of extracting minerals. Some of the coverage was previously available by endorsement. Now this coverage is provided automatically, and extends to structures built post-policy to modify or replace existing structures.And more...
Now the policy amount will increase annually. In each of the first five years, the policy amount will be increased by five percent of the original amount. This will help cover increases in the value of the property by raising the limit of insurance protection.
Living Trust Coverage is new, too! The protection extends to the trustee of a trust who receives a deed from the homeowner after policy date. No new policy or endorsement is required to maintain existing coverage in such transfers.