Title insurance is an insurance policy that protects property owners and mortgage lenders against financial losses from defects in the title that were not discovered during the title search. Unlike other types of insurance that protect against future events (car accidents, fires, health problems), title insurance protects against past events — defects that already exist but are hidden in the records or are otherwise undiscoverable at the time of purchase. Learn more in our comprehensive title insurance guide.
There are two types of title insurance policies. A lender's policy protects the mortgage lender's financial interest and is required by virtually every lender. An owner's policy protects the buyer's equity and ownership rights — it is optional but strongly recommended. Both are one-time purchases paid at closing; there are no recurring premiums. The owner's policy provides coverage for as long as the owner or their heirs have an interest in the property.
Covered risks include: forged or fraudulent deeds, undisclosed heirs claiming ownership, recording errors at the county office, unpaid liens not found during the title search, improperly executed documents (defective notarizations, missing signatures), identity theft or impersonation of the true owner, incorrect legal descriptions, and fraud. The title insurance company pays for both legal defense and financial losses from covered claims — up to the policy amount.
Title insurance premiums are regulated by state insurance departments and are based on the property's purchase price (for owner's policies) or loan amount (for lender's policies). In Florida, rates are set by statute. Buying both policies simultaneously (at the same closing) qualifies for a significant "simultaneous issue" discount on the owner's policy. Additional coverage can be obtained through endorsements.
At Beycome Title, we provide title insurance backed by Old Republic National Title Insurance Company — one of the nation's oldest and most financially stable title underwriters. Our thorough title examination reduces the risk of claims, and our competitive rates ensure you receive excellent value. Use our closing cost calculator to see exact title insurance premiums for your transaction, or get your free personalized quote.