Title Insurance. Depending on who you ask it’s vital or one of the best protected scams around. Regardless, if your buying a property in Palm Beach County, or most of Florida for that matter, then the Seller will provide you with a Title Insurance Policy naming you as the insured party or loss payee. This is the “Owners Policy”. Think if this exactly as it’s named. It’s a prepaid insurance policy that protects you (the Owner) against title defects and issues. If you are getting a loan on the property then your Lender (the Bank) will require that there is a similar insurance policy naming them as the Loss Payee on the policy. This is called a “Lenders Policy”.
The state of Florida has put together a very nice information sheet on this product…
