Do I need "Enhanced" Title Insurance? (mortgage, mortgage, legal)

[mikandmari]

Yes, I read the details. But supposedly "Enhanced" Title Insurance is a "new" product, and I wonder if it's just another way for the insurance companies to dig a little deeper in our pockets?

I'm buying a single family home built in the 1950s and owned by just one family. There is a shared driveway. Not sure what other details matter...

Any thoughts on this are appreciated!

[Brandon Hoffman]

What is "enhanced title insurance"? You are required to have title insurance for lender. If it's just a fancy name to ensure your equity do it. It it's something different let me know.

[rjrcm]

Originally Posted by Brandon Hoffman

What is "enhanced title insurance"? You are required to have title insurance for lender. If it's just a fancy name to ensure your equity do it. It it's something different let me know.

For an additional cost it covers more than the standard policy for problems that may come up after issuance of the policy. Here's a discussion that includes pros/cons:

An Insurance Offer You Shouldn't Refuse - washingtonpost.com

[HappyTexan]

Sounds like insurance on the owner's policy for legal services maybe...
I read that they do things like pay your legal bills if someone forges your name on a deed.

Nah..I wouldn't do it. I don't do the additional life insurance on my mortgage or the additional "extended" coverages on other things.

Now the article ends with "older homes may have issues....". Well if they do then it should all come out in the wash with the commitment and then reconciled (one way or another) by the time of closing.
You do not want to close and they may not give you a title policy if there are outstanding issues not resolved by closing.

IMHO I think that's just a new grab for some money,.