Does title insurance cost less at some Florida title companies?

No. The title insurance premium is set by the State of Florida and is the same at every title company. What differs is the title company's own charges, such as the settlement or closing fee and search fees, which are not set by the state.

What is the reissue rate on Florida title insurance?

If the seller bought the property and received an owner's title policy less than three years before the new policy, the new owner's policy can be issued at the lower reissue rate: $3.30 per $1,000 up to $100,000 and $3.00 per $1,000 from $100,000 to $1 million, on coverage up to the amount of the prior policy. A copy of the prior owner's policy is needed.

Florida Title Insurance Calculator: Owner's & Lender's Policy Cost in Lee and Collier County

How much is title insurance in Florida, and who pays for it?

Florida is one of the few states that sets title insurance premiums by law, so the owner's policy on a $550,000 home costs the same at every title company. Who pays for it depends on where the home is: in Lee County it's usually the seller, and in Collier County it's usually the buyer. Enter your price and see the owner's policy, the lender's policy, who customarily pays each one, and whether the lower reissue rate could apply. No email required.

Florida Title Insurance Calculator

Florida promulgated rates (Rule 69O-186.003), with Lee and Collier County customs

Owner's title insurance policy

Premiums are set by the State of Florida. Title company fees are separate.

Lender's policy & endorsements

Your title insurance cost

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This calculator provides information and knowledge only. It is not a title commitment, a Closing Disclosure, or legal advice. Owner's and lender's premiums use Florida's promulgated rates in Rule 69O-186.003, Florida Administrative Code, with each $100 of coverage rounded up and a $100 minimum. The lender's policy is estimated at the $25 simultaneous-issue rate (plus the regular rate on any loan amount above the price) and typical residential endorsements: Florida Form 9 at 10% of the loan policy premium and two $25 endorsements. The reissue rate applies only when the title agent receives a copy of the seller's prior owner's policy and the other conditions in the rule are met. Title company charges such as settlement, search and courier fees are not set by the state and are not included. Who pays for each policy is a matter of local custom and can be negotiated in the contract.

Quick Answer

Florida title insurance costs $5.75 per $1,000 of the price up to $100,000, then $5.00 per $1,000 up to $1 million, so the owner's policy on a $550,000 home is $2,825 at any title company in the state. A lender's policy issued at the same closing costs $25 plus endorsements, usually a few hundred dollars. In Lee County, the seller usually pays for the owner's policy; in Collier County, the buyer usually does. The buyer pays for the lender's policy in both.

What does title insurance actually protect?

It protects against problems with ownership that happened before you bought: an old lien nobody released, a forged signature in the chain of title, a missing heir, a recording error. The owner's policy protects you for as long as you or your heirs own the home, for a single premium paid at closing. The lender's policy protects only the mortgage lender, which is why lenders require it.

Why is title insurance the same price at every Florida title company?

Because the State of Florida sets the premium. Every title insurer and agent has to charge the promulgated rate, no more and no less. What does vary is the title company's own charges, like the settlement or closing fee, title search and municipal lien search fees. Those are worth comparing, along with how responsive the title company is when a closing gets complicated.

Who pays for title insurance in Lee County and Collier County?

It comes down to local custom. In Lee County, which includes Bonita Springs, Estero, Fort Myers and Cape Coral, the seller usually pays for the owner's policy. In Collier County, including Naples, the buyer usually pays. Whoever pays usually gets to choose the title company. The buyer pays for the lender's policy either way. Custom isn't law, so it can be negotiated, and it's one of many terms that's easier to settle up front than at the closing table.

What is the reissue rate, and could it save money?

If the seller bought the home less than three years ago and has their owner's title policy, the new owner's policy can be issued at the lower reissue rate on coverage up to the amount of that prior policy. On a home that sold for $480,000 and is reselling for $550,000, that saves about $1,000. The title agent needs a copy of the prior policy, so it helps to ask for it early.

What else will I pay the title company?

Besides the premiums, expect a settlement or closing fee, search fees and smaller charges like courier and recording. Buyers with a loan also pay Florida's documentary stamp tax and intangible tax on the mortgage. Our buyer closing cost calculator puts all of it together, and sellers can see their bottom line with the seller net sheet.