All posts tagged: hidden risk

What You Don’t See Can Really Bug You

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In June 2014, my band OE-2-KB (Old Enough-2-Know Better) had a gig along the St. Johns River.  It had rained all day, but Eddie said he had a thousand-foot tarp that we could put over everything.  So we started setting up and we were watching the radar…and wondering if that tarp could really cover all of our band equipment.

There were a few little blind mosquitoes around, but they didn’t bite, so no big deal.  We played our first set, took a break, and came back.  By then it was very obvious the atmosphere had changed—there were blind mosquitoes everywhere!!  At first I thought they were just around the lights, but they were everywhere!!  Still, they didn’t bite, so we started our second set.

It was like the plagues of Moses—the blind mosquitoes were in our mouths, in our ears, and all over the keyboards, the guitars, the drums.  I’ve never seen anything like it before.  My brother, Rusty, had pages of music stuck together with dead bug bodies.  We had been worried about the rain, but what we didn’t see coming that stopped the music.  The same can be true of real estate title claims.

Owner’s Title Insurance addresses not just the title problems you can see in public records, but also the hidden risk.  

Home ownership should be hassle-free.  You should be able to check the radar, have a big tarp handy to cover everything, but even so, challenges to your ownership can happen.

Most property disputes are something small—not a big claim like fraud or forgery on a deed, or someone trying to claim ownership of the entire property.  Usually it’s a matter of feet, an encroachment.  It’s the freak bizarre things, and you just don’t see them coming—that’s why you get title insurance.

Title Insurance provides an initial service when you pay for it—a title search—and provides a secondary service—legal representation and / or compensation of the policy amount—at no additional charge to you should the title come into question.   Title Insurance can’t always prevent an attack on home ownership rights, but it can shield the Homeowner from court costs in a legal defense of property title.

Title Insurance helps keep title claims from bugging you.

(If you’re looking for OE-2-KB, you can keep up with us on Facebook at https://www.facebook.com/OE2KB or our band website at http://www.oe-2-kb.com.)

 

Stephen CollinsWhat You Don’t See Can Really Bug You
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Real Value of Owner’s Title Insurance in Florida

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The misconception of Title Insurance is costing Florida homeowners dearly.  I would like to clarify the real value of Owner’s Title Insurance for all those impacted by the Florida real estate market, from the individual homeowner to the State economy.

When an Owner’s Title Insurance is purchased, primarily it is for the prevention of claims against home ownership.  When a company provides title insurance, a title search is part of the risk assessment done before issuing a policy.  The title insurance company’s objective is in lockstep with the consumer’s best interest:  to avoid questions or challenges of the homeowner’s title.  Thus in the examination of public records, the title company has a vested concern to find any and all complications to the ownership title.  We just do not say, as quoted in a famous movie, “This house is clean.”*   You saw how well that went—they should have gotten a policy as their house is being sucked into oblivion!  We put our money where our mouth is and insure it.

Though title insurance works mostly through prevention, it offers security via financial protection from the massive costs of litigation and other legal expenses should a problem, challenge, or complication to a Florida homeowner’s title arise.  No matter how much effort is put into this prevention, bad things still happen.  It’s expensive to be right when someone thinks you’re wrong.  Owner’s Title Insurance provides and pays for all costs associated with a title claim (whether through settlement, legal defense, and / or reimbursement of the policy amount to the homeowner if that defense does not prevail).

The cost of Owner’s Title Insurance is promulgated by the State of Florida, and the current rate has been the same for 20 years.  It is a nominal fee when compared to what litigation costs are.  Furthermore, Owner’s Title insurance is a one-time fee, typically paid at the closing of a real estate transaction.  Once it’s paid, it’s paid—no monthly premiums, no annual fees—no additional charge to the consumer, the homeowner.

With Owner’s Title Insurance, consumers pay a set amount for financial protection against the unknown cost of hidden risk to home ownership. 

Please refer to the numerous posts in my blog for examples of hidden risk to home ownership.  These issues are real and can be devastating to those who are not insured.

Homeowners need Owner’s Title Insurance now more than ever.  Title Insurance plays a vital role in Florida’s recovering housing market.  As a source of financial protection, Owner’s Title Insurance assures potential Florida buyers they can invest in real estate with stable value backing that investment.

Owner’s Title Insurance is good home economics.  It nurtures financial security for the homeowner, the State budget, and the Florida economy.  Owner’s Title Insurance adds real value to real estate rights, thus it benefits every Florida citizen.

*Poltergeist

 

Stephen CollinsReal Value of Owner’s Title Insurance in Florida
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Into the Woods

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I went to college where I got a real education: MARRIAGE. I met my wife, Jennifer, at BYU-Idaho in a play called “Into the Woods,” a musical by Stephen Sondheim. She was Cinderella and I was Prince Charming. Our first kiss was a stage kiss. Our wedding was the start of many great things over the past 20 years, but happily ever after has had its challenges. Jennifer loved to dance, but lost that ability when she got MS. Our son, Sterling, was born with hypo plastic left ventricle and has had four open heart surgeries.

I’m a big believer in insurance. Certainly my family has benefitted from having health insurance—my wife, my son, I’ve had cancer, my brother had a heart attack. I’m grateful for the financial support we’ve had when we faced medical difficulties. I’ve also seen firsthand the benefit to having title insurance on a home or land. Title insurance protects you from financial devastation should you face a challenge to your ownership.

When you buy home or land, you step into the woods. Real estate ownership comes with responsibility and is surrounded by hidden risk. Despite a title search, you cannot avoid uncertainty. There could be errors and omissions, mistakes in examining records, forgery, or undisclosed heirs. There are many fallen trees in public records. If your deed is lost in the woods, it may be difficult to find in the forest of documents. You take on risk when you take on real estate ownership.

Home ownership comes with benefits as well, like shelter for you and your spouse and children. You can maximize your good fortune of ownership with title insurance to protect it. Beware of wicked stepmothers who try to get your property!

 

Stephen CollinsInto the Woods
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