Posted: 10/27/2016 7:27:18 PM EDT
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nvm
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Might want to try the legal forum. But my impression is that title insurance is generally written in such a way that very little is actually covered but that very little might turn out to be hugely expensive in which case the insurance can really save your bacon.
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My SIL is a very experienced title examiner in south Florida who specialized in working for title insurers against whom a claim was asserted..
Talking about our professions I asked the same question you posed. SIL proceeded to regale me with an hour of stories about how people working for closing companies missed things that ended up costing a yyuuugggeeee amount. |
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Title insurance is perhaps the best bang-for-your-buck insurance out there.
Real estate is often a family's most expensive investment. To skimp on a policy is folly. Not enough info to really weigh in, but definitely take advantage of your coverage. If you're a FL guy, feel free to reach out. If not, find a capable dirt lawyer in your county. |
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Lost a sale of a vacation home due to the fact the title search missed an encumbrance on the OGM rights. Ended up selling the house for slightly more than we paid for it. We sued the title insurance, the title agency, and the attorney that owned the title agency.
Title insurance company took the position that they were only liable for the difference in value when we purchased the home, not when we sold it, at which point the value had tripled explicitly due to the OGM rights. Suit took six years to settle, we eventually got about 70% of what we were owed, minus the third taken by the lawyer working on contingency. |
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Never had an easement issue.
I did have to use my title policy on a house I sold about 11 years ago. We bought a repo home which turned out to have several outstanding liens on it at the time we purchased it. Title Company came through and got all the bullshit straitened out. I would have been totally screwed without the policy. As a lender I now recommend that anytime a real estate purchase is made, be sure and get a title policy. |