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Advantage Residential Owners Policy -- some of the additional coverages
- Forced to remove an existing structure (other than a building wall or fence) because it violates an existing zoning law; it violates a restriction shown in Schedule B or it extends on to adjoining land or on to any easement. (Covered Title Risk; #12)
- The Insured cannot use the land as a single-family residence, because it violates a restriction shown in Schedule B or an existing zoning law. (Covered Title Risk; #13)
- Forced removal of any existing structure, other than a boundary wall or fence, because it was built without a valid building permit. This coverage is limited to (a) actual loss or (b) maximum liability of $25,000.00, whichever is less. (Covered Title Risk; #15)
- Forced removal of an exciting structure (other than a boundary wall or fence) because any portion was built without a valid building permit. This is limited to actual loss or $25,000.00, whichever is less. (Covered Title Risk; #15)
- Someone seeks to take any of the title because of a violation of restriction shown on Schedule B which happened before you become an owner of the land. (Covered Title Risk, #16)
- Someone refuses to purchase, lease, or mortgage because of any violation on the land, of any restrictions shown in Schedule B which happened before the insured became an owner of land. (Covered Title Risk, #18)
- The insured cannot obtain a building permit for their land, or someone else refuses to purchase, lease, or mortgage because of existing subdivision law. This coverage is limited to actual loss or $10,000.00 whichever is less. (Covered Title Risk; #19)
- Post Policy coverage that if someone else builds a structure, (other than a boundary wall or fence) which enroaches on the land. (Covered Title Risk; #20)
- Post Policy coverage against damage because another person uses the surface of the land for the extraction or development of minerals or water owned by them. (Covered Risk Title; #21)
- Post Policy coverage of forgery of an instrument recorded in the Public Records by which someone else claims to own an interest in or lien on title. (Covered Risk Title, #22)
| Basic Coverage |
Yes |
Yes |
| Enhanced Access Coverage |
No |
Yes |
| Limited Post-Policy Mechanics' Lien Coverage |
No |
Yes |
| Coverage for Certain Zoning and Subdivision Matters |
No |
Yes |
| Coverage for Encroachments |
No |
Yes |
| Coverage for Violation of Restrictions |
No |
Yes |
| Post-Policy Coverage for Damage from Mineral Rights |
No |
Yes |
| Policy Amount can include improvements to be constructed |
Yes. Must add PI Clause |
Yes. Must add PI Clause |
| Certain Post-Policy Matters Covered |
No |
Yes |
| Graduated Increase in Coverage |
No |
Yes |
| Deductibles and Maximum Dollar Limits of Liability |
No |
Maximum limits are pre-printed on policy |
| Insures only a One-to-Four Family Residence or Condominium unit |
No, can be issued on any real estate |
Yes |
The Advantage Loan Policy also contains additional coverage for the lender.
The enhandced coverage insure against losses due to:
- Not having both vehicular and pedestrian right of access. (Insuring Clause No. 4)
- Mechanic's Lien coverage for service, work or material done or provided before and after policy date. (Insuring Clause No. 7)
- Violation of usury laws. (Insuring Clause No. 10)
- Failure of the land to have the street address shown in Schedule A. (Insuring Clause No. 12)
- Failure of the land to contain one-to-four family residential structure, or a condominium if stated in Schedule A. (Insuring Clause No. 13)
- Failure of the land to be zoned for one-to-four family residential structures or a condominium if stated in Schedule A. (Insuring Clause No. 14)
- Failure to the land to be lawfully created parcel under State Subdivision map acts and local ordinances. (Insuring Clause No. 15)
- Failure of all or part of a residential structure, or a modification or replacement post policy date, to have a valid building permit from the appropriate local government office. (Insuring Clause No. 16)
- Matters covered by ALTA Form 9. (Insuring Clause No. 18)
- Survey matters. (Insuring Clause No. 18)
- Inability to use existing structure, or as post policy replacement, for residential purposes because the use violates an erupt restrictions. (Insuring Clause No. 19)
- Enroachment onto the land by a post policy improvement constructed by someone other than, and without the consent of the then owner of the land. (Insuring Clause No. 20)
- Damage to improvements, including lawn, shrubbery, or trees, built or planted as a post policy modification or replacement, as a result of mineral extraction or development. (Insuring Clause No. 21)
- atters covered by ALTA Form 6 or ALTA Form 6.2, as the case may be. (Insuring Clause No. 22)
- Post Policy forgery of an assignment, release, or full or partial reconveyence, or the insured has acquired title under section 2(a) of the Conditions and Stipulations, has not conveyed its interest and another claims title under a forged instrument. (Insuring Clause No. 23)
- Post policy environmental protection liens under state statutes in effect at policy date. (Insuring Clause No. 24)
- Invalidity, unenforceability, or lack of priority as to post policy advances made pursuant to the terms of the mortgage and advances and/or interest rate changes made post policy and secured by a modification of the mortgage. (Insuring Clause No.25)
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