Tuesday, August 28, 2007
query: if you have title insurance on your land house debt free do you need additional title insurance
Make sure you have an owner policy. You only need the one policy and it will protect you for long as you have an interest to defend. If the value of the property has appreciated beyond the amount of the policy and you wish to increase the coverage, your title insurer can do that for you.
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2 comments:
In New York, a Market Value Rider MUST be offered to the owner when an owner's policy is purchased. It costs 10% of the Owner's Policy premium and protects the owner up to the market value of the property at the time a claim is made.
Thanks, Brendan.
Wonder how many other states have that option?
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