Title Insurance

Title Insurance is a form of indemnity insurance used in the State of Florida and other states throughout the United States that insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. Title insurance is intended to protect an owner’s or a lender’s financial interest in real property against loss due to title defects, liens or other matters not disclosed in the title insurance policy. It will defend against a lawsuit challenging the title as it is insured, and reimburse the insured for the actual monetary loss incurred for an amount not to exceed the policy limits. Typically the real property interests insured are fee simple ownership, mortgage or leasehold. However, title insurance can insure any interest in real property, including an easement, lease, life estate or personal property.​

There are two types of policies – owner and mortgagee. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance (i.e. loan policy – mortgagee title insurance) to protect the secured interest in the collateral (i.e. real property or personal property) securing repayment of the loan. Individuals or entities purchasing properties for cash or building on or improving the property, or private mortgage lender often obtain title insurance, owners and mortgagee. A loan policy provides no coverage or benefit for the buyer/owner, so the decision to purchase an owner policy is independent of the lender’s decision to require a loan policy.

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