Title insurance covers your interest in your property against any potential future claims. But will you still be sufficiently covered if your property value increases, or if you construct improvements to your property? In this article, we are going to discuss what happens with your title insurance coverage if the value of your property increases.
Title Insurance Coverage
When it comes down to it, your title insurance policy covers you up to the value of your policy – no more and no less. The exact value of your policy will depend on a variety of factors, the details of which will be set out in your title insurance policy. You will be able to review the extent of these terms prior to closing when your title company provides you the title commitment.
Constructing Improvements to the Property
If you construct any improvements to your property you may need to get additional coverage or endorsements through your title company. The same is true for any significant increases in the value of your property over time. If you are unsure about your title insurance policy coverage and whether you need to purchase any additional coverage, don’t hesitate to contact your title insurance company with your questions.
Commercial Partners Title Company
At Commercial Partners Title, we bring decades of experience to the table and work hand-in-hand with each of our clients to provide the best possible service. We are recognized as the experts in commercial transactions not only in Minnesota, but across the country. Our title closers, escrow agents, and underwriters are available now to answer any questions and walk you through the title insurance process. Contact us today at our downtown Minneapolis office to discuss your commercial real estate transaction.