Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Title Insurance

Wondering how much title insurance coverage you need? Title insurance is mandatory in the United States for everyone who has a mortgage.

The coverage is not optional or taken out like other insurance policies; it protects a homeowner from any past liens or from unaccounted for heirs and is determined by the loan amount and the service fees cover time spent researching the title.

How To Get Estimates on Title Insurance

To get an estimate of how much your title insurance will cost, once you determine the loan amount; find out what the rates are in your state and if they is regulated. (See example below.) You cannot cover only a portion of the loan; however, if your property value increases during the life of the loan, you may choose to purchase more title insurance.

  • For instance, title insurance rates in the state of Florida are $5.75 for each $1,000 dollars of coverage from 0 to $100,000 dollars of coverage, and $5.00 for each $1,000 dollars of coverage between $100,000 dollars to $1,000,000, and $2.50 per $1,000 from $1,000,000 to $5,000,000, and so on.
  • The formula for calculating title insurance is the purchase price divided by 1,000, then that number is multiplied by the rate obtained from a local title company.
  • For instance, F = Loan amt.; 1,000 = n; (rate) = the title insurance amount

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Florida’s rates are used in the examples below.

For a mortgage loan in the amount of $100,000:
$100,000/$1,000 = $100(5.75) = $575.00 (price of your title insurance)

For a mortgage loan in the amount of $200,000:
$200,000/$1,000 = $200(5.00) = $1,000 (price of your title insurance)

For a mortgage loan amount of $1,000,000:
$1,000,000/$1,000 = $909(2.50) = $2,272.50 (price of your title insurance)

*States usually allow discounts on rates if you are refinancing within a certain amount of years from when the policy was originally issued.

calculate how much title insurance I needA new insurance policy has to be taken out each time you take out a new mortgage on the same house, such as a second mortgage, refinance, or home equity loans. In most states there is a discount if the new loan is issued within the first 6 years.

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How Title Insurance Rates are Determined

Deciding how much title insurance should I get can depend on the rates. Title insurance rates are calculated in different ways depending upon which state the property is located in.

The three different types of states are regulated states, rating bureau states, and non regulated states.

Regulated States

So is title insurance state regulated? In regulated states, the fee is set by title underwriting companies once a year and is monitored by the state. This means that the rates cannot vary and discounting or over-charging is illegal.

In regulated states, there is no competition between companies to adjust premium prices. Individually, regulated states promulgate the rates that will be used by all title companies within that state.

If the state you reside in is regulated, rates are determined by the State Board of Insurance and are based on the value of the property at the time of the sale.

Some states allow for an extra service charge that covers the cost of someone to go to the courthouse to research the house or land’s history of ownership.

Rating Bureau States

calculate how much title insurance I need

Pennsylvania, New York, New Jersey, Ohio, and Delaware are rating bureau states, in which they authorize title insurers to file for approval of a single rate schedule for all carriers through a cooperative entity.

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Non-Regulated States

If you are buying a house in a non-regulated state, the rate charged is a market rate, in which title companies can set the rates and may offer lower premiums due to competition. Some examples of non-regulated states are Illinois, Georgia, Massachusetts, Hawaii, Indiana, Oklahoma, Alabama, District of Columbia, and West Virginia.

Finding the Best Title Insurance Rates

If your state is not regulated, it is to your benefit to research and compare quotes from many different title insurance companies. Start researching now. You can compare FREE quotes by entering your ZIP code on this page.