How Much Does a Title Policy Cost?
Owner’s title insurance is a low, one-time fee based on the purchase price of your home, and lender’s title insurance is based on the loan amount. The premium for a title insurance policy and any applicable endorsements are set by the Florida Office of Insurance Regulation rather than set by title insurers or title companies. The rate structure has base rate called original rates with possible discounted rates such as re-issue rates and new home purchase discount. These rates appear below and are as follows:
Original Rates for Owner's, Loan and Leasehold Policies
Policy Amount | Cost per $1,000.00 of Coverage |
$100,000 or Less in Liability | $5.75 |
$100,001 up to $1,000,000.00 | $5.00 |
$1,000,001 up to $5,000,000.00 | $2.50 |
$5,000,001 up to $10,000,000.00 | $2.25 |
$10,000,001 and Greater | $2.00 |
Reissue Rate for Loan Policies
If an owner obtained an Owner's Policy and wishes to refinance his existing mortgage or get additional mortgages the borrower will be entitled to a discounted title insurance premium on that loan policy. The rates are as follows:
Policy Amount | Cost Per $1,000.00 of Coverage |
$100,000 or Less in Liability | $3.30 |
$100,001 up to $1,000,000.00 | $3.00 |
$1,000,001 up to $10,000,000.00 | $2.00 |
$10,000,001.00 and Greater | $1.50 |
New Home Purchase Discount
Another important discounted rate for title insurance is called the New Home Purchase Discount that comes into play when a developer of 1 to 4 family improvement obtained a loan policy for the development of the project and paid premium. In this instance, the first sale from the developer would be entitled to a pro-rata credit of the premium paid by the developer over all the units or homes being sold, with a minimum credit of $200.00. If you have any questions you should speak to your title.
