Title Insurance in Florida
What title insurance protects, how it is priced, and who customarily pays for it in a Florida closing.
What is title insurance?
Title insurance protects owners and lenders against financial loss from defects in the title to real property that existed before they bought it. Unlike most insurance, it looks backward: you pay a one-time premium at closing, and the coverage lasts as long as you or your heirs own the property.
Before a policy is issued, we search the public records and examine the chain of title. That search finds most problems, which we then resolve before closing. Title insurance covers the problems that a search cannot find.
Common title problems
- Forged or fraudulent deeds and mortgages
- Unknown heirs or improperly probated estates
- Unpaid taxes, judgments, construction liens or HOA liens
- Errors in public records or legal descriptions
- Deeds signed by someone without legal capacity or authority
- Undisclosed easements or boundary issues
Owner’s policy vs. lender’s policy
| Owner’s policy | Lender’s policy | |
|---|---|---|
| Protects | The buyer’s ownership and equity | The mortgage lender’s loan |
| Amount | The purchase price | The loan amount |
| Required? | Optional, but strongly recommended | Required by virtually all lenders |
| How long | As long as you or your heirs own the property | Until the loan is paid off |
When both policies are issued at the same closing, Florida allows the lender’s policy to be issued “simultaneously” for a small additional charge, as long as the loan amount does not exceed the purchase price.
How title insurance is priced in Florida
Florida is one of a few states where the state sets title insurance premiums. The rates are promulgated by the Florida Financial Services Commission in Rule 69O-186.003 of the Florida Administrative Code, so the premium for a given policy is the same at every title agency. The basic owner’s policy rate is:
| Amount of insurance | Rate per $1,000 |
|---|---|
| Up to $100,000 | $5.75 |
| $100,000 to $1 million | $5.00 |
| $1 million to $5 million | $2.50 |
| $5 million to $10 million | $2.25 |
| Over $10 million | $2.00 |
The minimum premium is $100. Reissue rates may reduce the premium when the property was insured recently, and endorsements, title search and closing fees are charged separately. Try our rate calculator for an estimate.
Who pays for title insurance?
The buyer pays for the lender’s policy. Who pays for the owner’s policy depends on local custom and, ultimately, on the purchase contract:
- In Miami-Dade, Broward, Sarasota and Collier counties, the buyer customarily pays for the owner’s policy and chooses the title agent.
- In Palm Beach and most other Florida counties, the seller customarily pays for the owner’s policy and chooses the title agent.
- Custom is only a starting point. Buyers and sellers can agree otherwise in the contract.
If you are not sure what your contract says, send it to us and we will tell you.
Endorsements
Endorsements add or adjust coverage for specific risks, such as condominium status, planned unit developments, environmental liens, or survey matters. Lenders usually require certain endorsements, and their premiums are also set by Florida rule.
Ready to open a title order?
Send us the contract and we will start the title search the same business day.