Title insurance is a type of insurance policy that helps in protecting the losses related to the title or ownership of commercial or residential property. The word “title” signifies a legal term which simply means you are the legal owner of the property. There is a broad range of benefits associated with title insurance Florida, and they are discussed below –
- The title insurance gives you protection from unknown title defects. Title insurance ensures you clear ownership of the property.
- Any existing liens against the title of the property, the title insurance protects you from bearing such losses. For example, if the previous owner had any form of unpaid debts, property taxes, mortgages or condominium charges that are secured against the property.
- Any kind of encroachment issues is well-handled by title insurance.
- Several issues of title fraud can be found; this insurance will help you to protect any such fraudulent activity.
- Title insurance covers any kind of errors in the surveys and the public records. Therefore, you can have relief.
- Title insurance handles any sort of title-related issues that can affect your future ability to mortgage, sell or lease your property.
- Some title insurance companies also offer protection to additional risks that are usually not covered by a standard title insurance policy.
- There are basically two types of title insurance policies, Owner’s policy, and Lender’s policy. As the name states, the owner’s policy protects the owner from any title related losses and a lender’s policy safeguards the lender from losses in the event.
The title insurance policy will protect you till the time you own the property. It will also cover the losses up to the maximum coverage mentioned in the policy. Moreover, it may also cover most of the legal expenses associated with the property’s title.