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Important Papers

I think most people know to organize important papers such as estate planning documents, life and health insurance policies, and car and boat titles. Of equal importance is the title insurance policy issued upon the purchase or refinance of your home or investment property.

The title policy is very important to you as the owner for two reasons. One, no matter how old the policy is, you are insured for covered title claims up to the amount of the policy. Unlike other types of insurance products, the one-time premium is paid at closing. Two, you may be entitled to a savings on a subsequent title premium upon the sale or refinance of the insured property. The regulations are complicated, but your title agent will know if you are eligible.

You should receive your title policy within thirty (30) days of closing. If not, contact the title agent and request the original be promptly provided. Calendar the matter for a follow up. If the policy is not delivered within sixty (60) days of closing, then you should speak with the State of Florida Insurance Commission. During my years of practice, many national title underwriters and local title agents have gone out of business. These policies are still valid, but can be very difficult to track down years or sometimes decades after closing. That is why having the original is so important. Even companies still in business lost business records.

Protect yourself and save money.

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