FL S0826

Create a requirement that title insurers must tender payment of full policy limits or pay up to an additional 25 percent above the initial amount insured within 90 days of a claim, with the additional amount reimbursing the insured for attorney fees, moving expenses, property taxes, architect fees, engineering fees, permitting fees, or mortgage interest until the claim is cured.

Require that when a borrower obtains a loan title insurance policy, the title agency or insurer must simultaneously issue an owner's title insurance policy at the minimum simultaneous issue rate, with an option for the property owner to request greater coverage.

Establish that if an existing owner's title insurance policy is in effect, the new owner's policy must provide supplemental coverage with full policy limits available if aggregate losses exceed the prior policy amount, without requiring actual payment from the prior insurer as a condition of recovery.

Require property owners to waive in writing the right to purchase any additional owner's coverage when accepting the supplemental policy.

Amend the insurability determination requirement to specify that title searches must begin with a "root of title" as defined in statute, effective July 1, 2012.