Recently, we have received numerous inquiries pertaining to title insurance coverage. Please refer to the information listed below from the Department of Insurance that explains title insurance coverage areas in more detail.
- Protection from financial loss (up to the face amount of the policy) due to covered claims against your title;
- Payment of legal costs to defend against covered claims;
- Payment of successful claims against your title (up to the face amount of the policy).
Read your title insurance policy carefully and note possible exclusions and exceptions, which may include:
- An unrecorded title defect you knew about;
- Condemned land;
- Building and zoning ordinance violations;
- Payments required (except for legal access rights) because your deed failed to provide rights of use to adjacent land, streets, alleys or waterways;
- Conveyance of title irregularities arising from a deceased person's estate, a bankruptcy estate or trust;
- Restrictive covenants limiting your use of the property;
- Discrepancies, conflicts or shortages in area, boundary lines, encroachments, protrusions or overlapping improvements;
- Right of usage claims arising if your property is on or near a body of water, river or stream; or,
- Renter or adverse possession claims from "parties in possession" of all or a portion of your property.