Is your title insurance up to date? Topkins & Bevans in Waltham explains everything you must know before updating your title insurance policy and ensuring you're fully covered!

If you haven’t reviewed your title insurance policy recently, now is the time to do so. Contact Topkins & Bevans in Waltham at (781) 890-6230 to discuss any necessary updates and ensure that your coverage is up-to-date.

Why Update Your Title Insurance Policy?

In this blog post, we’ll explore the benefits of updating your title insurance policy, discuss what homeowners should consider during this process, and provide practical steps to ensure complete coverage.

1. Ensure Ongoing Protection

Title insurance provides protection against financial loss from defects in the title to your property that were not discovered during the initial purchase. These defects might include liens, encumbrances, or other legal issues. While your original policy covers you at the time of purchase, changes in circumstances or legal claims over time could require an update to your policy.

For example, if there’s a change in property laws or a new claim arises that wasn’t previously known, updating your title insurance policy ensures that you’re protected against such developments. An updated policy will cover new issues that might arise after the original transaction.

2. Adapt to Changes in Property Value

Over time, the value of your property can fluctuate due to market conditions or improvements you make. When the value of your property increases, the potential financial loss from title issues can also increase. By reviewing and updating your policy, you can ensure that the coverage limits align with the current value of your property, providing adequate protection against potential financial loss.

3. Address Property Improvements

If you’ve made significant improvements to your property, such as adding an extension or building a new structure, these changes could potentially impact the title. Updating your title insurance policy ensures that any new structures or changes to the property are covered, protecting you against potential disputes related to property boundaries or ownership.

4. Keep up With Legal Changes

Laws and regulations regarding property ownership and title insurance can change. For instance, there might be new requirements for property disclosures or updated procedures for handling title disputes. Keeping your title insurance policy up-to-date helps you stay compliant with current laws and ensures that you’re protected according to the latest legal standards.

5. Reflect Changes in Ownership

If there have been changes in property ownership—such as a transfer of interest or a change in marital status—updating your title insurance policy is essential. These changes could affect your coverage or the way your title is insured.

Protecting your home with a well-maintained title insurance policy is a wise investment in your property’s future. Call Topkins & Bevans in Waltham at (781) 890-6230 and stay on top of your title insurance policy.

Steps to Update Your Title Insurance Policy

1. Review Your Current Policy

Review your existing title insurance policy to understand the coverage limits, exclusions, and other relevant details. Check the policy date, coverage amount, and any endorsements or exceptions listed. This review will help you identify areas where your policy might need updating.

2. Assess Your Property’s Current Situation

Evaluate any changes that have occurred since the policy was first issued. Consider factors such as property improvements, property value changes, ownership alterations, and any new legal developments. This assessment will help you determine what updates might be necessary.

3. Contact Your Title Insurance Company

Reach out to your title insurance company or agent to discuss possibly updating your policy. Provide them with information about any changes and request a review of your current coverage. They can offer guidance on what updates are necessary and provide you with a quote for any additional coverage.

4. Consider an Endorsement

In some cases, you might need an endorsement of your existing policy rather than a policy update. An endorsement is an addition to your policy that modifies or extends coverage. This could be appropriate if you’ve made specific improvements to the property or have particular concerns to address.

5. Update Your Coverage

If it’s determined that an update or endorsement is needed, work with your title insurance company to make the necessary changes. Ensure that the updated policy reflects the current value of your property, any new improvements, and any changes in ownership or legal requirements.

6. Keep Records

Once your policy has been updated, keep a copy of the revised policy and any related documents in a safe place. This documentation will be necessary for future reference and in case you need to make a claim.

Updating your title insurance policy is a crucial step in protecting your property investment. If you have more questions or need personalized attention on the subject, call Topkins & Bevans in Waltham at (781) 890-6230.