Title insurance rates that are to be charged in all transactions are filed by the Title insurance underwriters in most states and Title insurance rates are regulated by state insurance commissioners based on such rates filed. The amount of title insurance a consumer pays for lenders and owners coverage is based on the sales price and/ or the loan amount for the various coverages.
Rates vary by what type of policy is purchased at the time of settlement. In a purchase transaction, the party purchasing title insurance has a choice between Standard Coverage and Limited coverage. Click here to review an easy to read a comparison of what is covered for each type of coverage. The limited coverage is typically 20% less expensive than the Standard coverage. While there are many differences in the two coverages, some of the key advantages of the Standard Coverage are the post-settlement coverages not available in the Limited Policies.
Consumers looking to purchase coverage may be entitled to a reissue rate which provides a discount on the cost of the policy based on the circumstance of coverage from the previous property owner. Please contact your settlement agent to see if you are entitled to a reissue rate discount.