How to Save Money on Your Florida Title Insurance

Just because Florida Title Insurance is worth every penny does not mean you should pay more than you have to. Fortunately, the State of Florida provides several discounts to property owners to help them save on their title insurance. With expertise in with a variety of title and real estate matters, Marina Title can help you learn more about these savings and how to make use of them.

The Cost of Florida Title Insurance
Title Insurance premiums in Florida are calculated based on the purchase price of the property, as follows:

Property 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

For instance, a property that sells for $100,000 will have a title insurance premium of $575, while a property selling for $150,000 will see its title insurance policy increase by another $250, for a total of $825. In short, the more expensive the property, the higher the premium. Unlike premiums for other kinds of insurance, the title insurance premium is paid only once.

In most Florida counties, the norm is that the seller pays for the new buyer’s title insurance policy premium; Broward and Miami-Dade Counties are the exceptions, placing the responsibility on the buyer. However, these are just the norms, and not legal requirements – each side is free to negotiate who covers the premium and stipulate that agreement in the contract.

Discounts and Savings Available for Florida Title Insurance
Most lenders require you to pay for a title insurance policy issued in their name, in addition to the “owner’s title insurance policy” issued in your name. This cost is typically always paid for by the buyer. Fortunately, Florida has a “simultaneous issue rate” that allows you to buy both policies together at a far lower cost than if you paid for each policy separately.

There are also other credits and deductions available for title insurance premiums depending on the nature 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 requirements:

2. You are taking title to raw land that has been unimproved (except for roads, sewage, and utilities) and the current owner has a title insurance policy;

2. The seller’s title insurance policy was issued less than three years before the issuance date of your new policy and the seller is able to produce that policy;

3. The policy is a lender’s policy being issued as part of a refinance transaction; or

4. The property has never previously been leased or occupied and it is the first sale of a residential new construction property after the Certificate of Occupancy has been granted.

Each of these requirements can significantly reduce the title insurance premium if properly applied.

Saving Money on Florida Title Insurance

As a full-service title company, Marina Title specializes in providing a wide variety of title solutions, such as assisting eligible clients in acquiring title insurance policies at the lowest possible rate. We know almost all there is to know about title insurance, from drafting an airtight policy, to making sure you get any savings for which you are eligible. We are dedicated to finding the most affordable and expedient solutions for our clients.

To learn more about our professional title services, contact (305) 901-5628 or email [email protected].