Buying a home and going through the closing process can be an exciting and overwhelming experience. As the buyer, you are presented with an overwhelming amount of information from your lender, realtor, insurance agent, and title company. Everyday you are making descisions that will influence the purchase of your home, whether it is your homeowner’s insurance or the type of loan you’re getting. But, when it comes to picking you Owner’s Policy are you fully aware of just how much coverage your policy is giving you?
There are two types of Owner’s Policy’s available through Title Group of Tennessee, through our underwriter, First American Title Insurance Company: an Owner’s Policy and an Eagle Owner’s Policy.
An Owner’s Policy offers basic coverage for the purchased property, while an Eagle Owner’s Policy provides significantly expanded coverage for the purchased property. An Eagle Owner’s Policy costs roughly 20% more than an Owner’s Policy. While an Eagle Policy does cost more, the amount of coverage offered on the property is able to increase over time as the value of the property goes up.
So what are the coverage differences of an Eagle Owner’s Policy versus that of an Owner’s Policy? Check out the table below to see a full list of coverage of what an Eagle Owner’s Policy covers versus that of an Owner’s Policy.
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[Please note: To fully view the table, scroll with the arrow located at the bottom right of the table, or adjust the number of entries viewed to 50.]
Do you have questions about what type of Owner’s Policy you should get? Please feel free to contact us with questions at 865-392-5801, send an email to Amy@TitleGroupofTN.Com, or leave a comment on this post. We would love to assist you in any way that we can.