How much title insurance do you need?
The amount of title insurance needed is based on the value of your home and the amount of your mortgage. Title insurance guarantees the lender and/or the owner against the possibility that there may be an unknown lien or discrepancies in ownership on the property they are purchasing. Lenders need to be covered for the full value of the mortgage; this policy is required and will vary from state to state. There is a one-time fee for the policy that is paid at closing. You can obtain a separate home owner's insurance policy to cover the full value of your home. However, this additional policy is not required. It is customary for the seller to provide the buyer with a new title insurance policy in Lee County, however, this can be negotiable.
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