Enhanced Policy

Enhanced Coverage Is It For You?

A Title Search... is carried out by your searcher. The searcher prepares an abstract to report all matters and transactions affecting the property. The abstract is then submitted to the title insurance company to be underwritten.

AS YOUR HOUSE GOES UP IN VALUE…. SHOULDN’T YOUR TITLE INSURANCE?

PROTECTING YOUR HOME: STANDARD TITLE INSURANCE VERSUS ENHANCED TITLE INSURANCE

There are few things more important than protecting your home. Even the best title search and examination cannot protect your equity and home from matters not appearing in the public record.

Very few people in the industry realize that like other insurance products, the title insurance industry has insurance products that offer different coverage levels. Some of the largest title insurance underwriters in the industry, offer an “enhanced” policy, which offers additional coverage from the “standard” coverage to the homeowner.

For example, a “standard” policy covers the homeowner for matters affecting title up to and including the date of the recordation of the Deed, while its “enhanced” policy provides coverage for 28 additional risks, many of them pertaining to future coverage and automatic increases of coverage to cover increases in the value of property.

Although, the enhanced policy premium is twenty (20%) higher than the standard policy premium, the reality is a minimal cost to the homeowner for the ability to substantially reduce their risk and exposure on one of the largest investments they will make in a lifetime. For example, the difference in the standard premium and enhanced premium for a $250,000 house is approximately $225 dollars; a $500,000 house is approximately $425; a $750,000 house is approximately $562; and a $1,000,000 house is approximately $750.

If you would like further information on the difference between coverage, please feel free to contact
Pride Absstract and Settlement Services at 800-700-7118.