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Title
insurance premium rates are based on the property value (owner's
coverage) or loan amount (lender's coverage). The premium payment
is a one time payment rather than a recurring payment because a title insurance
policy insures the
condition of the title to the land at a specific point in time (usually the moment a
deed or mortgage is recorded). For the best value
please read the sections below on Simultaneous Issue Rates and
Reissue Rates before moving on to the Owner's
Policy or Loan Policy
pages.
When an owner's policy and a loan policy covering the same land are issued
simultaneously, the rate for the owner's policy will be the regular owner's rate
or owner's reissue rate if applicable. The premium for the loan policy will be $100.00 for coverage up to the
amount of the owner's policy. Loan policy coverage in excess of the owner's
policy amount will be calculated at the regular loan policy rate or loan policy
reissue rate if applicable.
If we are advised of the existence of a prior owner's policy insuring the
same land within the last 10 years including the policy number and amount of
coverage and, if it is the policy of another company, we receive a copy of the
prior policy, the new purchaser of the land will be entitled to a credit equal
to 30% of the premium for a new owner's policy up to the face amount
of the prior policy. Coverage in excess of the amount of the prior owner's
policy will be calculated at the regular owner's policy rates.
Minimum Premium:
$200.00
For a Loan Policy
Except where simultaneous issue rates apply, if we are advised of the existence
of a prior owner's policy insuring the same land within the last 10 years
including the policy number and amount of coverage and, if it is the policy of
another company, we receive a copy of the prior policy, the borrower shall be entitled to a credit equal to
30% of the premium for a loan policy
up to the face amount of the prior policy. Coverage in access of the amount of
the prior policy will be calculated at regular loan policy rates.
Title
insurance premium rates are based on the property value (owner's
coverage) or loan amount (lender's coverage). The premium payment
is a one time payment rather than a recurring payment because a title insurance
policy insures the
condition of the title to the land at a specific point in time (usually the moment a
deed or mortgage is recorded). For the best value
please read the sections below on