Owners Title Insurance - to buy or not to buy
 

I'm looking for input. Is homeowner's title insurance a necessary cost at settlement on a new construction property in TV?

Will you insure your home against fire, hurricane, etc? It's your biggest investment. Yes, I would buy title insurance.

It is a one time cost that will last the life of ownership.

I think in Florida the seller pays for the owners title insurance.

I have always required the seller to pay for title insurance and I have always paid for it when selling a house. If only one person skips keeping the insurance up to date on every sell, it makes it more expensive the longer you wait. I feel it's a requirement to know I am actually getting what I paid for.

Op is buying new. She will have to foot the bill

All property's in the Village have a clear tittle or the developer wouldn't build
Just ask your agent..It's a great money maker just like termite care when your home has a 5 warranty

You don't have to buy it at closing . You need to buy it if you ever sell your home.

Only 5% goes to pay claims? Is this true, very interesting.
Inside America's Richest Insurance Racket - Forbes

It's a racket til you need it.

Someone owned the property before the developer ( perhaps many) and some problem could have been overlooked. It is unlikely there would be a problem but no guarantee.

It works out to to 1/2 of 1% of the purchase price. I think that is a small price for peace of mind.

Look closely at your closing estimate. If you do not buy the owners title insurance there may be a charge for you to pay for the lenders title insurance. Once we saw the difference between what we would pay for just the lenders and what we would pay for the buyers we went with the buyers title insurance.

They make exorbitant profits because its only a "small" percentage. The fees should be 75% less. The kickbacks to the law firms are large and most likely legal.

In TV the purchaser absorbs the cost.