Find Out if You Qualify for these Florida Title Insurance Discounts Find Out if You Qualify for these Florida Title Insurance Discounts

Find Out if You Qualify for these Florida Title Insurance Discounts

Apr 25 2018

Given the importance of Florida Title Insurance in protecting your legal rights to your property, it is certainly worth every penny. However, that doesn’t mean you shouldn’t take advantage of available discounts. With expertise in nearly all matters related to title and real estate, Marina Title can help determine if you are eligible for these savings and how to make use of them!

Understanding Florida Title Insurance Rates
Before learning how to get discounts on your title insurance, it helps to start with a basic rundown of how the costs are determined. The premium for a Florida Title Insurance policy is calculated based on the purchase price of the subject property, as shown here:

Purchase Price                                  Title Insurance Premium per $1,000

Up to $100,000                                                           $5.75
Over $100,000 to $1 million                                     $5.00
Over $1 million to $5 million                                    $2.50
Over $5 million to $10 million                                  $2.25
Over $10 million                                                         $2.00

Thus, the owner’s title insurance policy for a property selling for $100,000 will cost $575. If the property is selling for $150,000, then the title insurance premium goes up by another $250, for a cost of $825. In short, the more expensive the property, the higher the premium, though you will only have to pay for it .

Most lenders also require a separate title insurance policy to be issued in their name. Typically, you pay for the lender’s policy along with your own, but Florida has a policy known as the “simultaneous issue rate” that allows you to buy both policies together at a significant discount. This is usually a lot less than if you paid for each policy separately.

Who Pays for Florida Title Insurance?
The sales contract will usually stipulate who covers the cost of title insurance on the subject property; otherwise, the default rules depend on the county in Florida where the property is located. In many parts of the State, the seller is responsible for title insurance, while in Broward and Miami-Dade, the responsibility falls on the buyer. Ultimately, both parties can negotiate who pays for what before signing the contract.

Taking Advantage of Florida Title Insurance Discounts
There are credits and deductions available for title insurance premiums depending on the characteristics of the transaction and the subject property. They all require that the title insurance policy be issued to you in the transaction, along with at least one of the following:

  1. The subject property is raw land in which you already have title and which has not been improved (except for roads, sewage, and utilities)
  2. The seller has an owner’s title insurance policy and that policy is less than three years old prior to the date of the issuance of your new policy.
  3. The policy is a lender’s policy being issued as part of a refinance transaction.
  4. The property is a new home purchase that has never previously been sold, leased, or occupied.

Depending on which of the above requirements you meet, the costs for title insurance premium can be reduced significantly.

How Do I Apply for These Savings?

By hiring a full-service title company like Marina Title, which specializes in settlement and title solutions. We know everything there is to know about title insurance, from drafting an airtight policy, to making sure you are getting the best possible premium available. We leave no stone unturned when it comes to finding the most affordable and expedient solutions for our clients.

For more information about the cost-saving and professional title services we offer, contact (305) 901-5628 or email

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