Title Insurance Policy Surcharge-NEW!

Have you noticed the new fee being collect on closing statements in Florida?
surcharge feesAs of the first of September, the Florida Department of Financial Division has mandated a surcharge be collected for every policy issued in the amount of $3.28. This charge must be shown as a separate entry on the closing statement and payable to the Underwriter.They are trying to protect the consumer from two failed underwriters (National Title Insurance Company and K.E.L. Title Insurance Group, Inc.) and anticipate that it will take approximately one year to recoup the funds extended.

Please note that it is charged only once per closing, meaning that it would not be charged against an Owner’s Policy and a Mortgage Policy for the same file. It is assessed against the party contractually responsible for the payment of the policy.

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