The 2003 report from the American Land Title Association indicated that title insurers paid out about $661.7 million claims in 2003. That signaled increase of $582.7 million from 2002. These payments were specifically made to insured homeowners for losses while under protection from their lender or to defend titles against outside claims.
Though public wisdom commonly believes that title insurers do not pay out much money, the industry spends over 10 times the amount it pays in claims to perform title searches and rectify title conflicts before a claim is needed. Experts say that about 1 in 4 real estate transactions may have a claim dispute. The industry profited only $406.8 million in 2003, which was a decrease of $25.1 million from 2002.
If you want write the news for our site please e-mail inf@everythingre.com To discuss this article Click Here to go to our Online Forum |
