You pay for at least one policy. That’s your lender’s policy, which protects your lender (if you’re a buyer). Insurance coverage lasts for the life of the loan.
The other policy is an owner’s policy. It’s optional, but we literally cannot stress enough how much you should get one. It lasts for as long as you or your heirs own the property, who pays for it depends on your county –– and you don’t really save money by skipping out on it (learn why here).
This is a good deal for a one-time payment. Especially a one-time payment that includes a rebate that most Florida title insurers don’t bother to give you. It’s called the Butler Rebate, a discount on your title insurance, and it’s awesome.