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What Protection Does Title Insurance Provide

title insurance

Owning a home is a dream for many people, but it’s not always a financial possibility without a mortgage. A mortgage loan provides the financial resources to invest in your dream home — but it doesn’t come without risks.

Title insurance protection provides various benefits when buying a new home, including protection against doubts of ownership. Whether you’re buying a commercial or residential property, title insurance provides the following benefits:

Understanding Title Insurance Protection

Title insurance is a policy specifically for real estate, protecting against loss or other problems during the purchase or financing of real property.

There are two main types of title policies: the owner and loan policies.

  • The owner’s policy: protects the homeowner and remains valid for as long as you own the property.
  • Loan policy: protects the lender’s rights and remains valid until the loan is paid off.

According to insurance law in Florida, title insurance is not required. However, lenders universally require the protection a title protection policy provides. The cost of the policy will differ depending on amount of coverage and the contents of the policy required by the Lender. As an attorney for a purchaser, I can tell you that an owner’s title insurance policy is imperative to assure that you are the true owner of the property you have purchased and paid for and that there are no liens on the property as of the day you close on your purchase.

It’s important to note that title insurance is not the same as homeowner insurance. While title insurance protects your ownership of the property, the premium is paid in a single one time payment when the sale of the property is closed. Homeowner’s insurance protects from loss, damage, and theft and is paid annually.

A title insurance company performs a title search, during which time they look out for the following.

  • ​​​​​​Flawed or missing documents
  • Government or creditor claims
  • Tax bills or construction claims that are outstanding

Benefits of Title Insurance

Title insurance ensures a clean title exchange and helps to prevent financial costs and implications further down the line.

These implications could be unexpected property ownership claims, unknown liens or encumbrances, and defective conveyances, among other issues.

Other examples where title insurance offers protection include

  • Lack of competence displayed by either party
  • Unnamed heirs that emerge in the probate process
  • Mortgages that weren’t recorded
  • Unreleased liens
  • Fraudulent conveyances
  • Undisclosed easements found on record

However rare these situations may be, they are not completely unheard of, and title insurance protection would not exist if they did not happen to somebody at some point in time. You can’t take too many precautions when it comes to ensuring a smooth purchase of your new home.

Benefits of A Title Insurance Company

A licensed title insurance company is essential for navigating title insurance. An attorney owned and operated title company gives you the added assurance, that if a legal problem arises during the title examination or closing process, you will have an attorney make you aware of the problem and how it should be handled. An expert title insurance company helps reduce risk and maximize protection. Consider the following responsibilities of a title insurance company:

  • Conduct a title search to ensure there are no ownership issues
  • Insurance for any title defects further down the line
  • Supervise the closing and escrow processes
  • Assistance when settling future claims

These benefits are not only available to the buyer of a home but also to the lender. For example, when a closing agent provides a Lender’s Policy of Title Insurance, the buyer’s lender is protected against possible implications.

Trusted Title Insurance Company in Florida

If you’re looking for title insurance protection in Florida, Gary I. Handin P.A. has you covered. We’ve provided legal services that you can count on since 1969.

Give us a call at (954) 796-9600 for all title insurance queries and assistance. Interested in more legal advice for real estate, business, and estate planning?

Check out our law blog for more advice from our legal experts.

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Law Offices of
Gary I. Handin, P.A.

Providing professional legal services for the city of Coral Springs. Contact us today for a free consultation – 954-796-9600.

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