Benefits Of Enhanced Owner Title Insurance Florida Policies

By Serena Price

People ask many questions about the enhanced owner title insurance Florida policy. Some of these questions include the meaning of such a policy, when they can be used and the extra coverage the purchaser gains from buying them. One thing remains true that, if you are an underwriter of this kind of a policy, you will get your own exceptions, guidelines and coverage.

The enhanced policy provides access to extra coverage to the purchaser of any residential real property. It includes matters that are not generally covered in the standard policy with enhanced coverage covering greater risk. Sometimes this will attract a 20% increase on premiums over the existing rates but increase is implemented at a rate of 10% per year making it a sensible financial purchase.

An enhanced policy is issued when a property that needs to be insured in condominium units, improved residential subdivision lots or 1-to-4 family property. The underwriting requirements and examination process is just about the same as that of the standard policy. Special assessments and all taxes that are due should be paid at closing, improvements need to be cleared and the property ought to be occupied as a residence.

While property survey is not a requirement, street address on tax records for your property should correspond with the street address for property in a lender's documents. Any easements and or exceptions must be noted while disclosing the facts that are contrary to additional coverages provided for. The borrower or seller should execute the owner's affidavit using specific language that expressly identifies any latent defect issues.

This kind of a policy comes with many benefits. To start with, it provides the purchaser with both legal pedestrian and vehicular access to land. Besides this, it also cover any type of loss that is likely to arise from mechanic lien claim.

When you are forced to remove any structure that exists on the land aside from the perimeter fence or wall when it goes beyond the nearby land or any easement, this policy provides coverage for any loss you may experience in the process of undertaking this work. One will also be covered when there is any restriction violation shown on the policy exception or against any existing law for zoning. When you eventually lose the land due to the fact that it was not adequate to use for a home because it violates the zoning ordinance, you will also be covered by this policy.

Other benefits of this policy is when you lose the land because of violations before restrictions of agreement as shown on the exceptions due to an enforced process if you are unable to dispose of the property. If you invest in a rehabilitated home and the contractor working on the property is not settled by the date of closing, then a lien will possibly be placed on the home. The enhanced policy offers coverage for such lien when they are filed after you have bought the property.

Some post title insurance Florida protections include if a person puts up a structure apart from a boundary fence or wall, the policy will help to cover the expenses. In addition, it helps cover against post-policy forgery through which another party can claim interest in the property. If you require further assistance, it is crucial that you get in touch with a closing attorney for specific details.

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