Among one of the hundreds of decisions you’ll have to make when buying a house is whether or not to buy title insurance. While every homeowner’s situation is different, we generally encourage our clients to consider making the relatively minimal investment in order to protect such a large financial purchase for the long haul (for an overview of what title insurance is and why you need it, read this).
Title disputes are all too common in real estate, and homeowners who don’t take precautionary measures to safeguard their property investment can find themselves in the unfortunate position of fighting expensive legal battles or worse – they may even end up losing their property altogether.
Whenever you purchase an insurance policy, it’s important to go in with your eyes wide open and to truly understand what is and isn’t covered. Title insurance is no different. At Silverberg | Brito, PLLC, we help you pick the title insurance that’s right for you, and we do so by ensuring we’ve discussed these important questions.
- What will your title insurance rates be? Rule 69O-186.003 of the Florida Administrative Code establishes title insurance rates in Florida. The Rule specifies rates for all types of title insurance scenarios, including original owner and leaseholder title insurance coverage, reissue rates (if a prior owner’s policy exists), a new home purchase discount, substitution loan rates, and other situations. Keep in mind that title insurance requires just a one-time premium payment. With that premium payment, the policy will remain in effect for as long as you or your heirs own the property.
- How much coverage do you need? Your insurance is designed to protect you against unforeseen claims against the title of your property. To ensure adequate coverage, an owner’s policy should be issued for the full insurable value of the property, but you may choose to purchase additional coverage. Together we will discuss your options for coverage to ensure your assets are best protected.
- Which title company should I use? The Florida Office of Insurance Regulation provides a company search page for consumers to verify a company’s license status, but that alone is not enough to ensure that you find the right title company for you. You want a company that will protect your best interests. We’ll have your back and make sure the company you choose is a good fit.
At Silverberg | Brito, PLLC, we work with you step-by-step to ensure that all of your real estate law questions are answered and that your rights and investment are protected. Get in touch today to learn more about how we can help you with your real estate needs.