Blue Star Settlement Services offers the superior protection of the Homeowner’s Policy of Title Insurance, delivering more complete risk coverage, which translates to greater peace of mind for homebuyers. Buying a new home is one of life’s most gratifying experiences and might be the biggest investment you will ever make. As you approach closing day, however, all those details can be overwhelming. It’s easy to overlook the single most important step in the entire process – the purchase of title insurance on your wonderful new home.
WHAT IS TITLE?
Title is the legal right that a person has to the ownership and possession of land. Since it is possible that someone other than the seller has a prior legal right to the property you’re buying, the premium coverage offered by the Homeowner’s Policy provides you with added peace of mind. There can be any number of prior problems that remain undisclosed even after the most careful search of public records. These prior hidden “defects”
are very dangerous and sometimes are not discovered for months or even years after you purchase your home. You could be forced to spend substantial money on a legal defense to protect your rights. The Homeowner’s Policy helps protect you against covered losses and prior defects, and provides legal defense for covered risks.
GET THE RIGHT TITLE INSURANCE
Your lender only requires that you purchase a Loan Policy. However, that policy only ensures the lender has a valid, enforceable lien on the property.
It does not protect you! The Homeowner’s Policy, on the other hand, is designed to protect you from covered title discrepancies arising prior to or concurrent with your purchase of the property.
PROTECT YOUR INVESTMENT
The Homeowner’s Policy provides the most complete title coverage available, including protection against undisclosed heirs, mistakes in recording or errors in tax records.
Our basic coverage protects against prior covered matters, such as:
- Someone claiming an ownership interest in your title
- Leases, contracts or options affecting your title
- Someone claiming to have rights affecting your title due to forgery or impersonation
- Someone having a right to limit your use of the land
- Unmarketability of your title
- A defective title
In addition to the coverage provided in the traditional Owner’s Policy, the Homeowner’s Policy offers new and expanded coverages* for a total of 32 covered risks. Now you can purchase coverage against losses caused by:
- Zoning violations
- Subdivision law violations
- Improvements that encroach into an easement
- Building permit violations
- Covenants, conditions and restrictions
- Lack of vehicular and pedestrian access
- Supplemental assessments arising as a result of construction or a transfer prior to the policy date
- Damage to your house caused from someone with easement rights
- Someone refuses to buy your land because your neighbor’s structures are on your land
- Your house or lawn and trees are being damaged by someone with rights to dig a well or mine
* Some coverages are subject to deductibles and liability caps.
COVERAGE INCREASES AUTOMATICALLY
Your Homeowner’s Policy will automatically increase by 10% in value each year for the first five years (up to 150% of the original policy amount) to help cover increases due to inflation.
ABOUT OUR FOCUS
Our underwriter, Old Republic Tiltle’s focus is on providing quality service and value to its customers. As one of the nation’s largest title insurance companies, they operate in 49 states & the District of Columbia, through a network of Company-owned, offices, subsidiaries, authorized policy-issuing agents & attorneys. Since 1978, the Company has been a wholly-owned subsidiary of Old Republic International Corporation, a Chicago-based, multi-lined insurance company.
HOW MUCH DOES TITLE INSURANCE COST?
The single premium is directly related to the value of your home. Typically, it is less expensive than your annual auto insurance. It is a one-time-only expense, paid when you purchase your home, yet it continues to provide complete coverage for as long as you or your heirs own the property.
THE HOMEOWNER’S POLICY PROVIDES MORE COVERAGE THAN EVER BEFORE. NOW YOU CAN HAVE THE CONFIDENCE AND PEACE OF MIND THAT YOUR TITLE IS PROTECTED, THEREBY INCREASING THE RESALE POTENTIAL OF YOUR HOME.
BLUE STAR SETTLEMENT SERVICES OFFERS GREATER COVERAGE, PROTECTION AND PEACE OF MIND.
*Coverage for the item is not provided in the ALTA Owner’s Policy UNLESS notice of the covenant, ordinance, statute or regulation is recorded in the public land records. Available by endorsement Note: Covered risks listed are occurring after the policy date. This Homeowner’s Policy of Title Insurance is for use, when requested, for one-to four-family residences only. It should not be used for vacant land or for new construction. If issued on new construction, you must independently verify the payment of all lienable construction costs and the issuance of all required occupancy permits. Deductible may apply with respect to certain of the coverages afforded in this policy. Contact a local Old Republic Title office for specific information as to any deductible, which pertains to the coverages in the Homeowner’s Policy of Title Insurance. For additional questions, contact Old Republic National Title Insurance Company. Note: All covered risks are subject to policy conditions, exclusions and exceptions. + Coverage is subject to a deductible and a liability cap.