What is a Florida Title Agency Surety Bond?
A Florida Title Agency Bond is required of all title agencies who perform tasks such as title insurance, title searches, etc. The Florida Title Agency Surety Bond ensures the title agency will act in accordance with each of its agency contracts and act in accordance with the respective Florida state statutes. In October of 2012, the state of Florida decided that it no longer wanted to administer and keep track of the numerous amount of Florida Title Agency Surety Bonds. Instead, it decided to put the burden on each title insurer who appoint title agencies. This means that instead of the surety bond benefiting the state of Florida, it now benefits the appointing title insurance company. You may read the full text of HB 725 here.
How much will my Florida Title Agency Bond cost?
Your Florida Title Agency Surety Bond cost will depend on your personal credit score. Those title insurance agents with good credit can expect to pay anywhere from $175 – $350 annually. Title insurance agents with bad credit can expect to pay a higher premium which can range from $700 – $3,500.
What Florida Title Agency Surety Bond amount do I need?
Florida Title Agency Surety Bonds must be in the amount of $35,000. The surety bond form will indicate each appointing title insurance company and their name, address, and phone number. Additionally, it’s important to understand that the Florida Title Agency Bond is not cumulative in nature. This means that the maximum amount a surety company is liable for when a bond claim arises is the penal sum of the title agency bond.
How fast can I receive my Florida Title Agency Bond?
Depending on when your application and payment are received, you can receive a copy of your Florida Title Agency Bond today! Your application will be processed as soon as its received and a quote will be sent to you via email. Once you accept and pay for your bond, it will be issued and copy sent to you via email or fax. The original bond can be overnighted to your address as well.
How do I apply for an Florida Title Agency Surety Bond?
- Complete our online Florida Title Agency Surety Bond application, or
- Download and complete our printable Florida Title Agency Surety Bond application, and
- Receive your surety bond quote in minutes!