Title Tips

Important Title Insurance

There are 3 types of Title Insurance policies typically insured for residential properties. The most common is the “Standard” Owner’s policy, the newer HomeOwner’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 is best. Starting with price, the cheapest is the Standard, the HomeOwner’s costs 10 percent more than the Standard, and the Extended is 30 percent more than Standard coverage. The HomeOwner’s policy is generally only available for owner occupied existing residential properties up to 4 units and is not available for commercial properties, investment property 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 HomeOwner’s policy is coverage for mechanic’s liens. This is not included with Standard coverage unless the Homeowner’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 you want the best protection possible. 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 Chumbley

Clark County Real Estate Blog
The Chumbley Team