Title Tips

This guest post courtesy of Clark County Title

Important Title Insurance Coverage For You

There are 3 types of Title Insurance policies typically insured for residential properties.

The most common is the “Standard” Owner’s policy, the newer Home Owner's policy and the Owner’s Extended policy. There are some big differences with each, and here’s some basic information to help you decide which policy is best for you.

Starting with price, the cheapest is the Standard, the Home Owner's costs 10 percent more than the Standard, and the Extended is 30 percent more than Standard coverage. The Home Owner's policy is generally only available for existing residential properties up to 4 units and is not available for commercial properties or most rural properties. Extended coverage is pretty expensive when you factor in the cost of the survey. Usually Extended coverage is requested only in commercial and industrial transactions.

One of the main benefits of the Home Owner's policy is coverage for mechanic’s liens. This is not included with Standard coverage unless the Home Owner’s Endorsement is included with the policy. That could be a big deal to you, especially if you are buying a brand new home.

Remember, not all title policies are alike, and we want the best for you. If you have questions about what’s covered, and what isn’t, or have any title questions at all, please call our outstanding title department at 360-694-4722.

Take Care,

Dale
The Chumbley Team