Our residential loan policy protects the insured lender’s mortgage interest against losses incurred as a result of undetected or unknown defects that affect the priority or enforceability of the insured mortgage against the title to the property. With some exceptions, these covered risks must exist as of the policy date, but be unknown to the insured. The policy will be customized to reflect the details of the particular real estate transaction.
If the property contains 2-6 units (including basement apartments and granny suites) there is no coverage for the additional units unless a multi-unit endorsement is attached (and only to the extent of the number of units referenced therein).
Contact us for additional information.
1Review the actual policy for full coverage details. The policy may include additional exceptions related to specific issues affecting the property. It may also include additional endorsements. If the property has more than one unit, the insured is not covered for losses related to the additional unit(s) unless they have a multi-unit endorsement attached the owner policy – that endorsement will indicate the number of units for which coverage is provided.
This website is intended to provide information that is of a general nature and is subject to modification. Coverage and requirements can vary depending on the nature of the transaction and location of the property involved. Please review your actual Stewart Title policy for full coverage details.