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Home Investment NewsReal Estate Investing The average cost of a fraudulent or forged title insurance claim is $143,000

The average cost of a fraudulent or forged title insurance claim is $143,000

by xyonent
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Recent Posts The Land Title Association (ALTA) says Fraudulent and false claims accounted for 21% of the total amount spent by title insurers on claims expenses and losses, with the average claim cost exceeding $143,000.The data comes from an analysis by Milliman, a global consulting and actuarial firm, which also found that approximately 30% of title insurers’ losses and claims expenses result from title issues that cannot be discovered through searches of public records.

“The evidence is clear: professional title proving professionals do much more than scan public records and press buttons to secure property titles. With the cost of fraudulent and false claims averaging more than double the national average salary in the United States, the risks of not having title insurance are too high. This analysis highlights the significant risks posed by title insurance exemptions for loans purchased by government-sponsored companies, or unregulated alternative products that do not provide comprehensive coverage for nearly one-third of all claims,” ​​said Diane Tomb, ALTA’s CEO.

Click here to read the full story on ALTA.

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