Ohio Title Insurance Rate Calculator
Calculate estimated premiums based on Ohio Department of Insurance (ODI) standards.
Estimated Title Insurance Premium
Understanding Ohio Title Insurance Rates
Title insurance is a unique form of insurance that protects homeowners and lenders from financial loss due to defects in a property's title. In the State of Ohio, title insurance rates are regulated and filed with the Ohio Department of Insurance. Unlike other forms of insurance where rates might fluctuate wildly between providers, Ohio title agents typically follow a standard rate schedule set by the Ohio Title Insurance Rating Bureau (OTIRB).
How the Ohio Rate Schedule Works
The premium is calculated based on the purchase price (for an Owner's Policy) or the loan amount (for a Lender's Policy). The rate is tiered, meaning the cost per $1,000 of coverage decreases as the property value increases. Here is a breakdown of the typical standard tiers used in Ohio:
- Up to $150,000: $5.75 per $1,000
- $150,001 to $250,000: $4.50 per $1,000
- $250,001 to $500,000: $3.50 per $1,000
- $500,001 to $1,000,000: $2.75 per $1,000
- $1,000,001 to $5,000,000: $2.25 per $1,000
The Ohio Reissue Rate
One of the most significant ways to save on title insurance in Ohio is through the Reissue Credit. If the property was previously insured by a title policy issued within the last 10 years, you may be eligible for a reissue rate, which is typically 70% of the standard rate (a 30% discount). This applies to both Owner's and Lender's policies under specific conditions, such as a prior policy being presented at the time of the new transaction.
Real-World Calculation Examples
Example 1: Standard Rate for a $200,000 Home
For the first $150,000, the rate is $5.75 per $1,000 ($862.50). For the remaining $50,000, the rate is $4.50 per $1,000 ($225.00). The total standard premium would be $1,087.50.
Example 2: Reissue Rate for a $400,000 Home
Standard calculation: First $150k ($862.50) + Next $100k ($450.00) + Remaining $150k ($525.00) = $1,837.50. Applying the 30% Reissue discount, the final premium would be $1,286.25.
Note: Most Ohio title underwriters have a minimum premium, often around $175.00. Additionally, this calculator estimates the base premium only. It does not include closing fees, search fees, or endorsement costs which vary by title agency.