The benefit of a title insurance policy is that it protects your interests in a particular property as long as you own that property. But does that coverage change if the value of the property significantly increases? In this article, we talk about whether or not title insurance coverage changes when the value of your property increases.
What Does Title Insurance Cover?
When you purchase a title insurance policy for your property, it covers your interest in the property up to the value outlined in the policy itself. The specific value depends on a wide array of factors. These details will be explicitly outlined in the title insurance policy itself. It’s important to familiarize yourself with these specific terms with your title insurance company providing the policy to ensure there is no confusion on what is covered and up to what value.
Improving the Property
If you plan to significantly improve your property after getting a title insurance policy, it is possible that you might need to purchase some additional coverage for these improvements. That goes for substantial increases in property value that may occur over time. These are all questions that you should raise with your specific title company, as each property will have its own unique set of details.
Commercial Title Insurance Company
Commercial Partners Title Company has been providing commercial title insurance services to clients throughout Minnesota and the United States for decades. We have an in-depth knowledge of the title process and industry that we can put to work on your next commercial transaction. Our team of title closers, underwriters, and escrow agents are here to answer all of your questions and guide you through the title insurance process. Reach out to us today at our Minneapolis offices to learn more bout our services and how we can help with your next transaction!