The Southern Title Column
Get the latest real estate, title insurance, and construction industry news in a format that's easy to understand.
Earlier this year, the title insurance industry received approval of the ALTA 2006 forms from the Florida Office of Insurance Regulation. This is a win-win for YOU! With the new title insurance policies and endorsements, you will receive additional coverage at no additional cost when you purchase an Ownerâ€™s Policy.
New coverages include:
- Continuation of coverage if you transfer ownership of your home into your trust (in the previous version of the Ownerâ€™s Policy, this type of conveyance would have voided the policy)
- Entitles the insured to an extra 10% in the amount of insurance coverage in the event of a loss (for no additional premium)
Youâ€™ve undoubtedly seen news reports about the inappropriate practices that have occurred during the foreclosure process in Florida. The best way to protect yourself is to purchase an Ownerâ€™s Policy of Title Insurance when purchasing property. As part of the title examination, the title agent will review the foreclosure process, try to uncover any visible deficiencies and correct them. Your Ownerâ€™s Policy will provide insurance coverage over those deficiencies that are not detectable and provide valuable security for your real estate investment.
When choosing a title agent or attorney, be sure you choose a member of the Florida Land Title Association. FLTA is the stateâ€™s premier association of professionals who have committed to a standard of ethics and are dedicated to the preservation and protection of real estate interests.Continue reading