What is Title Insurance?
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What Exactly Is Title Insurance?
Title insurance protects the owner or mortgagee of real estate from undiscovered risks within a title search. While title examiners are very thorough in their searches, sometimes they miss title problems. Your title insurance should protect you from these undiscovered risks. Further, title searches cannot identify other risks, such as filing errors, forgeries, undisclosed heir, and other unrecorded issues. Your title insurance policy protects against these risks.
Why do we need title insurance?
Why do we need car insurance? Life insurance? Health Insurance? Real Estate transactions carry risk, and one of those risks is that someone may try to stake a claim in the property, sometimes years after the closing. Without a title insurance policy the owner of real property can lose the property to someone else with a superior interest, or be on the hook for legal fees to defend such a claim.
What risks does title insurance protect you from?
Generally, title insurance protects you from undiscovered risks in the chain of title, meaning clouds on title that are not found or overlooked in a title search. There are virtually an unlimited number of ways title can be challenged and as long as the claim is not specifically or generally excluded in your title policy, you should be covered.
Some specific examples:
- Deeds from unauthorized persons (minors, incompetent, etc.)
- Forged documents (deeds, mortgages, etc.)
- Deeds signed under undue influence
- Deeds issued without proper judicial proceedings (foreclosure)
- Deeds delivered after the death of grantor
Florida Promulgated Rates for Title Insurance:
Per Thousand
From $0 to $100,000 of liability written...................$5.75
From $100,000 to $1 million, add............................$5.00
Over $1 million to and up to $5 million, add..........$2.50
Over $5 million and up to $10 million, add.............$2.25
Over $10 million, add................................................$2.00
Click Here to download a title insurance rate sheet
How much does Title Insurance cost in Florda?
