How much does title insurance cost?

Title Insurance Rates
Title insurance rates vary from state to state and market to market.

In some states, the fees are set by the AGENT, and are market competitive -- they may be negotiated by the Agent.

In other states, the rates and fees are regulated by that state's Department of Insurance and the fees may not be negotiated - higher or lower than the regulated fees.

In both cases, the premium fees are calculated on a per $1000 rate. That rate is then based on whether the transaction is a "basic" rate, "re-issue" rate, "refinance" rate or "new construction" rate.

Basic rate covers a policy issued on a Purchase transaction and usually calculated on the Purchase Price and the Mortgage Amount.

Re-Issue rate covers a policy issued on a Purchase transaction and whether or not the Sellers can provide backtitle to the Buyers. The back title criteria is typically based on how old the Sellers' Owner's Policy is. (Usually a lower per $1000 rate than basic)

Refinance rate covers a policy issued to the current owner on a Mortgage loan. Depending on the state, the previous mortgage amount may have a bearing on how the rate is calculated.(Usually a lower per $1000 rate than basic)

New construction rates covers the builder during the construction of the property, before the construction is complete. (Usually a significantly lower rate than basic since the property is not a fully finished home/building during the time of coverage.)

New construction rates do NOT cover a buyer purchasing a completed home from the builder, only the time the home is BEING constructed and covering the builder.