PROTECT
YOUR HOME WITH OWNER'S TITLE INSURANCE
Compare
The Coverage:
Certificate
of Title: is an
attorney's opinion of title after an examination of public records.
Title
Guaranty: is a policy that guarantees the insured as to matters
of public record. Any claims for a covered title defect would be reported to
the insurance underwriter.
Title
Insurance: is a policy that protects you against matters of
public record as well as matters not of public record as indicated on the
comparison chart. The difference is the coverage includes defects which would
or could not be found in public records. There are two different types of title
insurance policies: one to protect the lender and one to protect the homeowner.
Often, you are required to provide the lender with a policy. You also need an
additional policy to protect you--an owner's policy. An owner's policy
will protect you from financial loss due to covered claims that may be asserted
against the title to your home, up to the face amount of the title policy. The
title insurance company will pay the legal costs if it has to defend your title
against a covered claim. The title insurance company will also pay any
successful claim against the title to your home covered by the policy, up to
the face amount of the policy. As with
a title guaranty, any claims would be reported to a title insurance
underwriter.
Expanded
Title Insurance (EAGLE):
is a policy that expands title insurance to provide
post-policy protections. This policy also will automatically increase insurance
amount in each of the first five years by 5% of the original amount.
If your home is worth buying, it is worth protecting against loss because of title defects. Remember, there is nothing better than title insurance when you buy property, and you only pay for it once.