Is an enhanced title insurance policy worth the extra cost, and what benefits can homeowners expect in return?
Enhanced title insurance policies are designed to provide additional coverage and protection beyond what's offered by standard title insurance policies.
(Source: Forbes Advisor, 2023)
Enhanced policies often cover a broader range of risks, including gaps in the public record, mechanic's liens, and zoning ordinance violations.
(Source: Hippo, n.d.)
Enhanced policies may provide higher liability limits, sometimes up to $1 million or more, depending on the policy and insurer.
(Source: Hippo, n.d.)
The decision to purchase an enhanced title insurance policy should be based on a careful consideration of the specific risks and circumstances involved in the property transaction.
(Source: Hippo, n.d.)
Title insurance policies, including enhanced policies, are a one-time upfront fee, not an ongoing expense.
(Source: Forbes Advisor, 2023)
Enhanced policies typically cost around 20% more than standard policies, but offer additional protections and increased liability limits.
(Source: Zuber Realty, n.d.)
Enhanced policies provide protection against title fraud, a type of identity theft scam.
(Source: Hippo, n.d.)
The enhanced coverage includes title matters that are not within the scope of a standard owner's policy.
(Source: Previous Enhanced Owner's Title Insurance Policies, n.d.)
Enhanced policies increase the coverage amount by 10% compared to standard policies.
(Source: Previous Enhanced Owner's Title Insurance Policies, n.d.)
Enhanced policies are designed to reduce risk for homeowners by providing additional protection against title-related issues.
(Source: Forbes Advisor, 2023)
An enhanced policy will also include coverage for heirs of the homeowner for the property, increasing coverage automatically as the value of the property increases.
(Source: Zuber Realty, n.d.)
Enhanced policies provide more protection against a wider variety of issues than standard policies, including issues like mistakes in public records, unknown heirs claiming ownership of the property, fraud, and claims against your claim.
(Source: Zuber Realty, n.d.)
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.
(Source: Champion Title, n.d.)
Enhanced policies are typically available to purchasers of owner-occupied one-to-four family residences wherein each insured is a single entity, such as a family.
(Source: Understanding the Benefits of an Enhanced Owner's Title Policy, n.d.)