How are Title Premiums Determined?

Title insurance premiums are based on the amount and type of coverage provided. Schedule of rates, forms, and any rate modifications are required to be filed with the state insurance commissioner who regulates the activities of title insurers.


When is the Title Premium Paid?

Title premiums are paid once, at the closing. There are no continuing premiums like other types of insurance.

Who Should Purchase Title Insurance?

Both buyers and lenders need title insurance. Title companies usually issue two types of policies: an owner's policy, which is usually limited to the purchase price of the property, and insures the buyer for as long as he or she owns the property, and a lender's policy which insures that the lender's security interest has priority over claims others may have to the property and which is usually limited to the amount of the loan provided by the lender.


Who Pays the Premiums for Title Policies?

Local customary practice determines who pays the title insurance premiums. This could be a point of negotiation between buyer and seller.

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