YES, YOU NEED HOME TITLE INSURANCE — HERE'S WHY

Florida Title Insurance
Y E S , Y O U N E E D
H O M E T I T L E
I N S U R A N C E —
H E R E ' S W H Y
S o u r c e s :
A R T E S I A N T I T L E
W I S E B R E A D

The closing costs on a typical mortgage loan can seem
overwhelming. According to Zillow, the closing costs for a
$150,000 home can range from $3,000 to $7,500, with an average
falling around $3,700.
So when you discover that you'll also have to pay for something
called title insurance when closing your loan, you might wonder
if this fee is necessary, or if title insurance is something you can
skip.
Here's the short answer to those questions: Yes, title insurance
matters. And no, mortgage lenders won't let you skip it.

What Title Insurance Does
To sum up, title insurance protects you from
clerical errors, mistakes in property records, or
unpaid taxes involving the home you are
purchasing.
Maybe the past owner of the home hasn't paid
property taxes in years. If you buy the home, the
government agencies levying those taxes will
come after you to pay them — unless you have
title insurance.
Or, maybe a past seller bought the home with a
sister. Maybe these two siblings had a falling out,
and the brother sold the home without telling his
sister. That spurned relative could come after you
for the profits she says she is owed from the sale
— again, unless you have title insurance
protecting you.
Title insurance is like most other forms of
insurance: You pay for it in the hopes that you'll
never need to use it.
What Title Insurance Doesn't Do
Title insurance covers the window of time before
your ownership of the home, protecting you from
certain claims and legal fees that were beyond
your control. Even though it extends backward
through time indefinitely, coverage ceases on the
date you take ownership. If you decide not to pay
property taxes once you're the official
homeowner? That's on you.