Title insurance is an important and essential part of buying a new home. In short, it ensures that you are purchasing the house free and clear and the seller is the actual owner and is able to sell it – title insurance ensures no random person will show up two years down the road with a lawsuit claiming that they own the house.
The cost of title insurance is based on the sales price of your home. In general, the more your home costs, the higher title insurance premium will be. But this can range from hundreds of dollars to a few thousand. Unlike other types of insurance, which are paid monthly or yearly, title insurance is a one-time fee that you pay when you close on your home.
Here is how Florida determines the pricing of title insurance:
- Purchase Prices up to $100,000: $5.75 per thousand
- Purchase Prices Over $100,000: $5.00 per thousand
What this means is simple: every title company in the state of Florida will charge you the same rate. So, when you are shopping for title insurance in Florida, you don’t have to worry about the cost but instead the quality of the service.
Using this calculation, you can predict exactly what your title insurance will cost. There are also many online calculators that can give you a close estimate of your expected title insurance.
If you are about to purchase a home and need title insurance, it pays to work with someone you can trust that will take the title search back as far as is necessary to ensure you are buying a home free-and-clear – and if it isn’t, someone that can help you negotiate a solution that is ideal for you and your family.
Reach out today if you need a title insurance policy to protect your home – we’ll make sure you’re settled in your new home in no time.