Title Insurance

Title Insurance – A Very Valuable Benefit

Title insurance provides very valuable benefits to the homebuyer/homeowner.  According to one attorney (Britton, Jr. 2000, 3), “Title insurance…. can provide a valuable product to the client, protect their investment and assist counsel not so well versed in title matters.”

Mr. Britton provides additional commentary:

A working understanding of any insurance policy is helpful and important to any insured whether it be coverage for homeowners, automobiles, professional disability or professional errors and omissions.  Title insurance is no different.  For years the standard policy issued on titles in Alabama has been the current form of the American Land Title Association (ALTA) model policy.  The insuring provisions are fairly simple and straightforward, the exceptions workable, the exclusions somewhat more lengthy and endorsements varied, mostly depending on the negotiations and special requests.  For home buyers there has recently been newer policy language introduced of which attorneys need to be aware.  These policies go by various names including a Comprehensive Owner’s Policy, Advanced Owner’s Policy, or Eagle Policy and provide home buyers an option when it comes to title insurance.  Traditionally in Alabama, especially in areas outside of the Jefferson County area, home buyers have not requested an owner’s policy in addition to their lender required lender’s policy.  These new policies, however, focus on the homeowners and the coverage that they need to enjoy the protection of title insurance.

An analysis of the coverage received under any title policy necessitates a review of the policy statement showing coverage as well as the exclusions from coverage.

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