Illinois Title Insurance Rate Calculator
Estimate your Illinois Title Insurance Premium based on standard Cook County and statewide rate schedules.
Estimated Costs:
*Note: This calculation provides an estimate of the title premium only. It does not include closing protection letters (CPL), search fees, wire fees, or recording charges which vary by title company and county.
Understanding Title Insurance Rates in Illinois
In Illinois, title insurance rates are typically regulated at the state level but vary based on the underwriter (such as Chicago Title, ATG, or First American). Unlike many other states, Illinois title insurance is a one-time premium paid at the time of closing that protects the owner and the lender against past defects in the property title.
How the Calculation Works
The premium is calculated using a tiered structure based on the purchase price of the property. For a standard residential transaction in Illinois, the math generally follows these brackets:
- Base Rate: There is a base minimum for properties up to $100,000 (often around $1,600 – $1,800 in the Chicago metro area).
- The "Per Thousand" Add-on: For every $1,000 (or fraction thereof) above $100,000, a specific dollar amount is added (e.g., $2.00 to $2.50 per $1,000).
- Tiered Discounts: As the property value reaches higher thresholds (like $500,000 or $1,000,000), the rate per thousand usually decreases slightly.
Owner's Policy vs. Lender's Policy
In a typical Illinois real estate transaction, the Seller pays for the Owner's Title Policy to prove they are providing a clear title to the Buyer. The Buyer usually pays for the Lender's Title Policy if they are financing the purchase. However, when both are purchased at the same time, the Lender's policy is charged at a "Simultaneous Issue" rate, which is significantly cheaper (typically between $500 and $600) than buying it separately.
Example Calculation
Suppose you are purchasing a home in Naperville, IL for $450,000 with a $360,000 loan:
- Owner's Policy: For the first $100k, the rate might be $1,750. For the remaining $350k, the rate is $2.00 per thousand ($700). Total Owner's Premium: $2,450.
- Lender's Policy: Because it's a simultaneous issue, a flat fee of $550 is added.
- Total Premium: $3,000.
Common Additional Illinois Title Fees
While the calculator focuses on the insurance premium, Illinois residents should be prepared for these common line items on their HUD-1 or Closing Disclosure:
- Search and Exam Fee: Usually $200 – $400.
- Closing Protection Letter (CPL): Required for lenders, usually $50 for the lender, $25 for the buyer, and $25 for the seller.
- E-Recording Fees: Charged by the county to process deeds digitally.
- Wire Fees: Often $40 – $100 per outgoing wire.