Foote Title Group “TIP OF THE WEEK”
There are two types of Owner’s Title Insurance:
1) Basic title insurance coverage
Covers the basics and includes protection against the following potential claims against your property:
- Claims by other parties that they own the property
- Mistakes in the public record
- Previously unknown heirs claiming an interest in the property
- Fraud, forgery and other malfeasance
2) Enhanced title insurance coverage
Include all the coverages of basic title insurance and add protection against a few more risks for good measure:
- Liens against the property
- Zoning and building permit issues, including covenant restrictions and corrections
- Encroachment of structures onto your property or of your buildings onto a neighbor’s property
- Subdivision violations
- Lack of access to the property
- Supplemental tax assessments
- Automatic increased coverage of up to 150% of policy amount over 5 years
The added protection available from enhanced title insurance coverage is usually well worth the small added cost at the time of closing or final sale.
