|
|
|
|
Title insurance can seem confusing and complex to someone not in
the business. It may be helpful to you to first review some of the GENERAL
DEFINITIONS that apply in the title industry. Title insurance has been in existence
since 1876. It protects the most important investment of your life for a very reasonable
one time charge.
You may have questions regarding WHEN & HOW DOES ONE BUY TITLE INSURANCE? If a claim is made against the title to your property the underwriter will defend the claim at no cost to you. You pay no legal fees; you are fully protected under the terms of your owner's title insurance policy. Obviously underwriters want to reduce claims and therefore it is important to an underwriter to contract with the best agencies to perform the title searches, handle the closing process and issue the underwriter's title insurance policies. Title insurance (including rates) is regulated by the Dept. of Insurance in the State of Florida. You have many choices, so HOW SHOULD ONE SELECT A TITLE AGENCY? Underwriters, agencies and agents must all meet certain financial, academic and licensing requirements before they can conduct the business of title insurance. A title insurance policy may be issued either by an agency or an underwriter. Billions of dollars are handled during the closing process with opportunities for mishandling or theft which underwriters must cover. The objective of the Dept. of Insurance is to make and enforce regulations to protect the consumer by assuring that underwriters remain solvent so that they can pay future claims for both title losses or mishandling of funds. |
|
Send mail to webmaster with questions or
comments about this web site.
|
