Do you know everything that you should about the title insurance Florida homeowners is often recommended to buy? Do you know what it is, how it works, and how it can benefit you? Do you know what to do if you need to make a title insurance claim? Well, here’s what you need to know…
The Basics of Title Insurance Florida Homeowners Need to Know
What is Title Insurance?
Title insurance is a type of insurance that insures home buyers against the financial loss that may result from defects in real property title defects. There is also a type of title insurance for lenders that insures against financial loss from the invalidity or unenforceability of mortgage loans. For the purpose of today’s article, we’re talking about title insurance policies that cover home buyers.
How Does Title Insurance Work?
So, how does title insurance work?
When buying a home or land for a home, you purchase a title insurance policy with a single premium that covers you for the period in which you own the property.
The policy assures you that the title of the property is free of liens, encumbrances, and defects unless there are any exceptions already disclosed (these will be noted on the policy as exceptions or they will be excluded from the policy coverage).
Your title insurance policy will also cover you in the event that you suffer damages or losses if the title of the property is unmarketable or if there is no right of access to the land.
How Does Title Insurance Benefit You?
Your title insurance policy protects your investment in the property so that if any of the situations noted above occur, you are insured for the amount that you paid for the property.
How Do You File a Title Insurance Claim?
If you experience losses as a result of any of the situations noted above and covered by your policy, you will need to file a title insurance claim with the company that issued your policy.
The first thing you need to do is fill in a claim form. Some title insurance companies will assign you an agent to help you to fill in this form, but it’s in your best interest to go through your real estate attorney. As your representative, your attorney will keep your best interests in mind and not those of the insurance company that is having to pay out on your policy claim.
When you have filed your title insurance claim with the insurance company, the insurance company will then do what they can to resolve the problem that has arisen. Many times the insurance company will be able to take care of the problem and get things straightened out, but in some instances, this isn’t possible or the process simply takes too long. If these things happen and you are expected to pay damages, your title insurance company will cover the cost up to the amount of your policy coverage. This may be all of the cost of the damages or it may only cover a portion of them. If only a portion of the damages is covered, you will be expected to pay any remaining balance.
In the worst situation, your title to the property may be declared invalid. In this case, you would have to surrender the property. If this happens, then the title insurance company will cover some of your losses and your relocation cost.
Do You Need a Real Estate Attorney to File a Title Insurance Claim?
Your real estate attorney will be able to help you to fill in the appropriate title insurance claim forms to begin the claims process. As mentioned above, the title insurance company may be willing to assign you a representative to assist in filling in your claim form, but you should know that as a representative of the title insurance company they may not have your best interests as a priority.
Your real estate attorney will also be able to counsel you throughout the title insurance claims process. They will be able to make sure that you understand what is happening and that you are being protected fully by your title insurance policy.
Going Up Against a Title Insurance Company
If the final results of your title insurance company’s efforts do not protect you to the degree that you believe they should or that is outlined in your policy, your real estate attorney will fight for you.
Going up against your title insurance company is a complicated process and can be frustrating and daunting, to say the least. Fortunately, with an attorney from Weidner Law on your side, you can leave the management of all the hard work to your attorney and have confidence that you will be represented by the best.
Need Assistance Filing Title Insurance Florida Claims?
If you need help filing your title insurance Florida claim, Weidner Law can help. Just pick up the phone and dial 727-954-8752 and get Florida’s top real estate attorney on your side.