When purchasing a home or land, you typically receive fee simple ownership and are commonly required to purchase title insurance. 

This insurance policy protects against other claims against the property that may have been previously overlooked in a prior deed, will, mortgage or other recorded document.  Both lender and buyer are covered under respective lender and owner title policies.  The lender is covered for the amount of the mortgage and the buyer is covered as owner if there is a claim against your home.   If a claim is made, the title insurance company will negotiate, defend, satisfy and pay for defending title to the property upon proper notice.

Title insurance policy rates are set and promulgated by the State of Florida based upon the purchase price of your property and mortgage amount.