We all understand the concept of insurance. Insurance provides some type of protection in the event something untoward happens in the future.
There are two types of title insurance – an owner’s policy and a lender’s policy.
The cost of title insurance in Florida is promulgated at a rate of $575 for the first one hundred thousand dollars in protection plus $5.00 per thousand thereafter. For example, $200,000 in coverage will cost $1,075 ($575 + $5 times 100) for an owner's policy.
Usually, in Florida, the full charge is applied to the owner’s policy and a reduced rate is charged for the lender policy if it is a simultaneously issued policy.
While computerized record keeping means less error the potential always exists that something happened along the way to you obtaining your property that could cause a title question.
Title insurance is an inexpensive way to protect a large investment. You only pay the fee once but the coverage you get is for your lifetime! Imagine if other insurances were so inexpensive!