What is the Difference Between Title Policies?
Standard Owner's Policy
This policy insures the owner's interest in the property, subject to the items listed on Schedule "B" of the policy. In the event a claim arises that causes a monetary loss to the policy holder, the policy holder contacts the title insurer for recovery.
Plain Language Policy
This policy insures the owner's inters as listed in the Standard Policy, but also insures against Mechanic's Liens. It also covers possible losses that are excluded in a Standard Owner's Policy.
Extended Owner's Policy
This policy insures the owner's interest in the property with a deletion of the pre-printed exceptions shown on Schedule B, Section 2. An A.L.T.A. survey is required and the premium is double the amount of a Standard Owner's Policy. The exceptions found in the Standard Policy are removed from the Extended Policy.
Lender's Policy
This policy is an extended coverage policy issued exclusively to insure a lender's interest in the property. The title insurance policy is normally issued when the loan is placed against the property and the coverage lasts as long as the loan is a lien against the property. When this policy is issued in conjunction with an Owner's Policy, a reduction in premium is allowed.
Eagle or Homeowner's Policy
The Eagle Policy provides more coverage automatically than any other policy. It affords homeowners the superb protection of the A.L.T.A. Plain Language Policy, plus nine important new coverages and other valuable protection. Some of the coverages even provide post-policy protection. It provides protection that homeowners and their real estate agents could never predict. This policy is only 10% more than a standard Owner's Policy premium and qualifies for a re-issue rate.