To the editor:

Many thanks to Beaumont City Hall for its hospitality to Realtor and affiliate members of the East Valley Association of Realtors (EVAOR) local “Homes On Tour” Thursday educational event.  Attendance overflowed at a recent meeting when guest speaker Kristi Munoz explained the importance of a buyer’s title insurance policy.  

Munoz is highly respected by her peers for her impressive plethora of knowledge as a title insurance executive and business owner.   

She cited the major benefits of a buyer’s title insurance policy that may cover issues that may emerge after a property is conveyed to the buyer; such as forged documents, probate technicalities such as undisclosed or missing heirs, incorrect legal descriptions, unrecorded documents, encroachments and easements.    

The protection is limited to the face amount of the policy which is usually the market value of the property at acquisition. There are no annual premiums with owner title insurance; the policy is paid for when the policy is first issued and remains in effect during the buyer’s property ownership, however, certain limitations and exclusions may be applicable.  

There is also a lender insurance policy that protects a buyer’s lender against any loss that might occur due to unknown title defects. 

Then there is the importance of homeowner’s insurance which should not be overlooked. 

This policy differs from title policy insurance in that it offers annual insurance benefits for casualty loss associated with real estate ownership.  

There were gasps of dismay when local Realtor Faith Koby expressed great disappointment that a homeowner’s insurance policy lacked an endorsement to cover unexpected damage to a building on a property that was not attached to the residence.   

Faith strongly encouraged residential and commercial property owners as well as renters to thoroughly review the terms, exclusions, and limitations of their policy coverage with their insurance representative.

A major advantage of the weekly Realtor meetings is to afford local home and commercial property owners an opportunity for their real estate agent to place a listed property on tour for open house visitation by many other real estate professionals much to the benefit of a community as a whole.

Joan Marie Patsky, Cherry Valley

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