If you're financing a home in the Pensacola area, you'll see two title policies on your closing statement. Here's the difference — and why both matter.
A lender's policy protects your mortgage lender's interest in the property, up to the loan amount. Almost every lender requires one, and it shrinks as you pay down your loan.
An owner's policy protects you — your equity and your right to the property — for as long as you own it. It's optional, but it's the one that actually protects the homeowner.
The lender's policy does nothing to protect your equity. If a title claim surfaces years later, only the owner's policy stands between you and a costly legal fight. That's why we always recommend an owner's policy.
When both policies are issued together at your closing, Florida's simultaneous-issue rate makes the lender's policy just $25 — so protecting yourself with an owner's policy is far more affordable than most buyers expect.
Absolute Title of Florida is your local title & closing team in Pace, serving all of Northwest Florida.
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