Partnering with the largest national underwriters uniquely prepares Liberty Bell Agency to insure both owners and lenders. Liberty Bell Agency has the knowledge and expertise to address any issue that may arise with accuracy and integrity. Complete coverage is Liberty Bell Agency’s objective. This one-time expense will protect your investment for each year you call it home.
An Owner’s policy is title insurance policy that protects purchasers of real estate against loss resulting from a defect in title. If the insured suffers a loss as a result of title defect, the title company will reimburse the insured for that loss and any related legal expenses, up to the face amount of the policy.
A title insurance policy will:
A title insurance policy covers claims arising out of title problems that could have been discovered in the public records, and also cover claims for defects that could not be discovered in the record, even with the most complete search.
A Lenders policy is title insurance policy that insures the mortgagee (being the lender in the mortgage document), against loss caused by invalidity or unenforceability of the mortgage lien, which might occur as a result of defective title, or against loss of priority of the mortgage. The amount of insurance for the Loan Policy is based on the dollar amount of the loan; by design, the amount of insurance decreases each year as the loan is paid off.
Although the borrower usually pays for the cost for the Lenders Policy, it provides no protection for the property purchaser. For the purchaser to obtain title insurance, a separate Owners Policy must be issued.
There are two kinds of policies available for residential property in Pennsylvania; the more comprehensive “Enhanced Policy”, and the “Standard Policy” that provides less coverage but has a slightly lower premium.