Our residential owner policy protects the insured’s ownership interest against losses incurred as a result of undetected or unknown defects that affect his/her registered interest in the title to the property. The policy will also include covered risks for certain “off-title” matters such as real property tax arrears of the seller. 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).
Title insurance is not a home warranty product. It does not guarantee that the house and other improvements located on the property are well built. Nor does it guarantee that there are no defects that will need repair (e.g., leaking roof, foundation issues). Title insurance does not insure that appliances and home systems (HVAC etc.) will function properly or that structures constructed on the property comply with prior or current building code requirements. Further, title insurance does not guarantee that you may change the use of your property or construct additions/improvements.
Contact us for additional information.
1Property purchasers: if the property has more than six units, advise your lawyer or notary so the correct form of title insurance policy is obtained.
2Review 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 to 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.