Policy

THE INCREDIBLE EXTENDED COVERAGE

Title Mark is proud to offer the ALTA Homeowner’s Policy.  This policy provides extended coverage against losses due to an additional 29 types of title risks.  Many of these coverages are for risks that could not be known or prevented at the time the home is purchased. Imagine the peace of mind in having coverage against a future neighbor someday building a garage that encroaches onto your property.

INCREASED POLICY AMOUNT

The Policy Amount increases by 10% (for the first five years) up to 150% of the original Policy Amount.

BASIC REQUIREMENTS

The extended coverage of the ALTA Homeowner’s Policy can be issued on any policy insuring the buyer of an improved residential lot with a one-to-four family residence located on it.

WHAT IS INSURED

The Homeowners Extended Coverage Policy covers against actual loss from any risk described under Covered Risks if the event creating the risk exists on the Policy Date or, to the extent expressly stated, after the Policy Date.

THE EXTENDED COVERAGES INSURES AGAINST THE FOLLOWING 29 RISKS

(1-5,8,9,10)  Someone else;

(1)   owns an interest in Your Title.

(2)   has rights arising out of leases, contracts, or options.

(3)   claims rights arising out of forgery or impersonation.

(4)   has an easement on the Land.

(5)   has a right to limit Your use of the Land.

(8)   has a lien on Your Title, including a

a. mortgage;

b. judgment, state or federal tax lien, or special assessment;

c.  charge by a homeowner’s or condominium association; or

d. lien, occurring before or after policy date for labor and material furnished before the Policy date

(9)   has an encumbrance on Your Title.
(10) claims rights arising out of fraud, duress, incompetency or incapacity.
(6)Your Title is defective.

(7)   Any of Covered Risks 1 through 6 occurring after the Policy Date.

(11) Lack of actual vehicular and pedestrian access based upon a legal right.

(12-13) Certain losses due to violations of covenants, conditions and restrictions even if they are exceptions in Schedule B;

(14-18) You are forced to remove or remedy existing structures or you cannot use the land as a single-family residence because problems with subdivision laws, building permits, zoning regulations or encroachments.

NOTE:  (14-18)  These Covered Risks are subject to a Deductible Amount and Maximum Dollar Limits of Liability shown in Schedule A.

(19, 20,23,25,26)  Certain losses due to removal or damage of structures or losses due to encroachments, enforcement of set backs, easements, mineral rights, discriminatory covenants or unmarketability of title.

(24) Supplemental real estate taxes not previously assessed for any period before the Policy Date because of construction or a change of ownership or use that occurred before the Policy Date.

(27) Your Title is invalid because it is based on a document that was not properly signed, sealed, acknowledged, delivered or recorded.

(28) The residence with the address shown in Schedule A is not located on the Land at the Policy Date.

(29) A map attached to the Policy shows the wrong location of the Land according to the public records.