Here are some of the most frequently asked questions some of our clients have...
Q: What is Title Insurance?
A: The purchase of a home is probably the single largest investment you’ll make in your lifetime. It is only prudent that you want to safeguard your rights and investment. Title insurance assures that your rights and interests to the property are as expected, that the transfer of ownership is smoothly completed and that you receive protection from future claims against the property. It is the most effective, most accepted and least expensive way to protect your ownership rights.
Q: What’s at stake if I opt against a policy?
A: In the most extreme case, a successful claim against your title could result in the loss of your property, without any monetary compensation to you. In other words, you could wind up having to continue paying your mortgage, even though the property is no longer yours.
Q: My lender had me buy title insurance for them when I took out my mortgage. Does their policy cover me too?
A: No. The policy your lender had you buy is known as a lender’s policy. It protects the lender’s investment, not yours. You will need to purchase what is known as an owner’s policy to cover yourself. The cost of the policy depends on the value of your home but should be minimal. Also, unlike homeowner’s insurance, title insurance is a one-time purchase. A single premium covers you and your heirs for as long as you own the property.
Q: What is the cost for title insurance?
A: The one-time premium is directly related to the value of your home. Typically, it is less expensive than your annual auto insurance. It is a one-time only expense, paid when you purchase your home. Yet it continues to provide complete coverage for as long as you, or your heirs, own the property..
Q: Can one company charge me less for title insurance than another?
A: No, Title companies in Florida do not set the price on title insurance. Florida regulates the rates on the premiums for title insurance which is based on the coverage amount. The only costs that may differ would be the actual fees, such as search and examination, closing, and miscellaneous fees such as wire transfers, FedEx or courier fee and endorsements.
A: The purchase of a home is probably the single largest investment you’ll make in your lifetime. It is only prudent that you want to safeguard your rights and investment. Title insurance assures that your rights and interests to the property are as expected, that the transfer of ownership is smoothly completed and that you receive protection from future claims against the property. It is the most effective, most accepted and least expensive way to protect your ownership rights.
Q: What’s at stake if I opt against a policy?
A: In the most extreme case, a successful claim against your title could result in the loss of your property, without any monetary compensation to you. In other words, you could wind up having to continue paying your mortgage, even though the property is no longer yours.
Q: My lender had me buy title insurance for them when I took out my mortgage. Does their policy cover me too?
A: No. The policy your lender had you buy is known as a lender’s policy. It protects the lender’s investment, not yours. You will need to purchase what is known as an owner’s policy to cover yourself. The cost of the policy depends on the value of your home but should be minimal. Also, unlike homeowner’s insurance, title insurance is a one-time purchase. A single premium covers you and your heirs for as long as you own the property.
Q: What is the cost for title insurance?
A: The one-time premium is directly related to the value of your home. Typically, it is less expensive than your annual auto insurance. It is a one-time only expense, paid when you purchase your home. Yet it continues to provide complete coverage for as long as you, or your heirs, own the property..
Q: Can one company charge me less for title insurance than another?
A: No, Title companies in Florida do not set the price on title insurance. Florida regulates the rates on the premiums for title insurance which is based on the coverage amount. The only costs that may differ would be the actual fees, such as search and examination, closing, and miscellaneous fees such as wire transfers, FedEx or courier fee and endorsements.