When do I purchase title insurance?
For a one-time premium paid at the time of your settlement, you can receive a title insurance policy to protect against title defects or claims made against title. Your policy will protect you even after you sell the property or pay off any loan(s). The cost of the title insurance will be reflected at settlement as part of your total closing costs.
In addition to your Owner’s title insurance policy, your lender will almost always require you to purchase a title insurance policy to insure their interest in the property up to the face amount of their loan. The Lender’s policy is only applicable to the specific transaction, and it provides coverage for the mortgage lien and it protects against errors made in the title search connected with that transaction, as well as any pre-existing clouds on title. If refinancing, your new lender will want a lender’s policy that is specific to their transaction.
Why should I purchase title insurance from Advance Title & Abstract?
Advance Title strives to remedy all known title defects prior to closing. You can rely on our experienced staff to isolate and correct issues that would often go unnoticed or overlooked by others. This is why we offer our customers enhanced coverage policies as our standard form of title insurance, the ALTA HOMEOWNER’S POLICY.
We are a licensed agent for Stewart Title Guaranty Company, established in 1893 and one of the largest title companies in the industry. You can rest assured that if you need to seek protection from your title insurer, they have the financial ability to defend your claim, and they have the professional reputation for protecting their policy holders.
Coverages Under a Homeowner’s Title Insurance Policy
If your home’s title is challenged based on a covered item, the title insurer will pay for defending against the challenge and will either “perfect” (make perfect) the title or pay the valid claim. The American Land Title Association (ALTA) Homeowner’s Policy is a collection of coverages designed to meet the concerns of our homeowner customers.
The Homeowner’s Policy is Advance/Stewart’s premium title coverage for owners of single-family residences and condominiums.
From building permit and restrictive covenants violations, to living trust and zoning coverages, the Homeowner’s Policy protects against common, frustrating problems that can plague today’s homeowner.
Many of the coverages and protections available through the Homeowner’s Policy, such as post-policy encroachment and adverse ownership, ensure the pursuit to corrective action or provide additional compensation. And, the policy protects your investment for as long as you or your heirs own the property.
The Homeowner’s Policy offers extended coverages to accommodate your specific needs.
- Building permit violation coverage;
- Subdivision Map Act Coverage after a deductible;
- Location coverage;
- Restrictive covenant violations coverage;
- Zoning coverage;
- Post-Policy coverage;
- Enhanced Access coverage;
- Encroachment coverage;
- Supplemental Taxes;
- Coverage for Structure Damage from Extraction of Minerals, Water and Other substances;
- Automatic coverage Increases;
- Living Trust coverage;