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How Title Insurance Can Protect You From Loss When A Claim Is Filed Against Your Property
Rare as they are, property claims do arise. Even if you had a title search performed during the time you were in escrow before you bought the property, it's possible that something was missed and someone could make a claim against your property.
More likely, however, is that a previous owner had given another person permission to use the property in some manner without recording it. An example of this would be if a previous owner gave a neighbor verbal permission to use a portion of the property for a specified use. Unless it was documented and filed, it's unlikely that such an agreement would show up in a title search.
How Title Insurance Works
Title insurance works by protecting you from defects in the title. These defects occurred prior to the date of your policy being issued and prior to you taking ownership of the property. Title agencies will research the history of the property to identify and fix defects in the title before they issue a policy. If they find defects in the title, the defects will either be corrected or listed as exclusions to the policy. If listed as exclusions, they will not be covered against future claims. Keep in mind that this is very different from most other types of insurance such as homeowners insurance, which protects you from unseen future events.
So what do you do if someone files a claim against your property?
Check Your Policy
The very first thing you should do is review your title insurance policy to determine if the claim or use is specifically excluded from it. It's possible this specific use was named as an exclusion and you forgot about it.
If the claim is not listed as an exclusion, then you may, indeed, have a case and need to contact your real estate title agency.
Contacting Your Agency
There will be specific instructions in your policy regarding how to contact the agency if a claim arises. It is in your best interests to follow these instructions exactly. This usually requires submitting written documentation along with proof of damage or loss.
The important thing to remember about title insurance is that it is an indemnity policy which only protects you from actual loss. The loss could be loss of use or financial loss, but unless there is some type of loss involved, your policy will not protect you from claims. Even if it is determined that you have not suffered a specific loss, the agency is bound to defend you against such claims, even if they may ultimately deny coverage of the claim.
Although this may sound confusing, the important thing to remember when faced with a claim is if you are suffering an actual loss. If you aren't, then maybe you will work it out with the neighbor to continue to allow the use. If, however, you are facing a loss, then your title insurance policy will most likely protect you and your agency will defend you to the best of their ability.
Author Resource:-
Chris Harmen writes for Title Junction, a Fort Myers title insurance company. The company serves clients throughout Florida, Cape Coral and and Fort Myers. Escrow and notary services are also available.
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