Title Insurance

Real Estate Agent with Fredericksburg Realty, Inc.

My friend Kristal Kraft out in Colorado discussed title insurance on her blogsite a few days ago.  She related a story about a former client who turned out not to be a former client.  Mrs. X was not really Mrs. X but an imposter.  The real Mrs. X surfaced and wanted her part of the proceeds from the sale of her former home.  What happens?  Title insurance may kick in and get her the money she deserves.

A few months ago someone asked me "What do I get with the enhanced homeowner's title insurance policy?"  Truthfully, I did not know exactly what they got and I thought that I should have some idea.  I realize, of course, that this is a question for an attorney.  But since I thought I should know a little about the subject, I finally came up with a rather comprehensive list.

Wanted to share it with you.

Here are a few of the items covered in the ALTA Homeowner's Policy that are not covered in the Standard Owner's Policy:

a.  Automatic increase in the amount covered of 10% per year for 5 years to a max of 150% of the initial policy amount.

b.  Coverage if you are forced to remove or correct a violaion of covenants, conditions, or restrictions of violations by a previous owner.

c.  Coverage if you are required to remove or remedy your existing structures, other than boundary walls and fences, due to a violation of a zoning law (coverage is limite to deductibles and maximum dollar amounts of liability).

d.  Coverage if you are forced to remove a structure that encroaches onton an easement or over a building set-back line. 


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Diane Cipa, General Manager, The Closing Specialists®
Ed:  A total failure of title caused by fraud is the most catastrophic type of title insurance claim.  Its like having your house burn down.  Folks don't think twice about paying for fire insurance every year because they understand the risk even if they have never experienced it themselves.  Thank you for raising the issue in your blog.  Purchasing an owner title insurance policy - whether its the enhanced version or just a standard ALTA policy is money well spent. 
Oct 09, 2006 09:07 AM #1
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Ed DeChristopher

CRS Fredericksburg VA
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