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What is the cost of Title Insurance?

Title Insurance coverage for existing homeowners : Now, all existing homeowners can obtain the same Title Insurance protection as a purchaser, including coverage against title frauds or forgeries and a variety of other matters affecting title. Coverage provided is equal to the assessed value of the insured property at the time Title Insurance is ordered with the coverage being increased as property value increases up to double the face amount of the policy amount. Current assessed value of an existing home is based upon the assessed value found in the most recent property tax bill for the existing home owner.

Cost of Title Insurance for an existing owner (if property has a current assessed value under $500,000.00) is: Premium $200.00 + P.S.T. (Add $100.00 + P.S.T. per $100,000.00 if valued over $500,000.00) Estimated sub-search disbursements by lawyer $45.00 Legal Fee $250.00 + G.S.T. Total Estimated ONE-TIME Cost $526.00 Title Insurance is no-fault insurance with no deductible and is bought one time only for all future years of ownership of a particular residence and does not require annual renewals which is typical of all other types of insurance. The policy covers the homeowner’s quality of title protecting against losses or damages that might be suffered as a result of unknown liens, including frauds or forgeries that might arise in the chain of title both before and after the title policy has been issued.

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